Toronto Dominion Bank, a prominent financial institution, has recently decreased its holdings in Otis Worldwide Co. (NYSE:OTIS). According to the company’s 13F filing with the Securities and Exchange Commission, Toronto Dominion Bank reduced its stock ownership by 14.5% during the first quarter of this year. The bank now holds 198,929 shares of Otis Worldwide Co., having sold 33,796 shares over that period. These holdings are valued at $16,781,000 as of the most recent quarter.
Otis Worldwide (NYSE:OTIS) recently released its earnings results on July 26th. The company surpassed analysts’ consensus estimates by reporting earnings per share (EPS) of $0.92 for the quarter, outperforming predictions by $0.06. Despite a negative return on equity of 28.62% and a net margin of 9.59%, Otis Worldwide generated revenue of $3.72 billion in the quarter, surpassing analysts’ expectations of $3.59 billion. When compared to the corresponding period last year, the firm experienced a growth rate of 6.7% in quarterly revenue while earning EPS of $0.86.
Numerous research analyst reports have been published regarding OTIS stock (Otis Worldwide Co.). Royal Bank of Canada raised its target price from $96.00 to $100.00 in a research note on July 28th; Barclays increased their price target from $79.00 to $80.00 on July 10th; Wells Fargo & Company raised their price target from $88.00 to $90.00 on July 10th; TheStreet upgraded Otis Worldwide from a “c+” rating to a “b” rating on July 26th; HSBC increased their price target from $81.OO to$88.OO OnJune23rdThese ratings contribute AVG (“Hold”) average rating and an average target price of $88.43, as reported by Bloomberg.com.
In conclusion, Toronto Dominion Bank has reduced its holdings in Otis Worldwide Co., selling a significant portion of its shares during the first quarter of this year. Meanwhile, Otis Worldwide has posted strong earnings results, surpassing analysts’ estimates for EPS and revenue in the most recent quarter. Analyst reports offer varying perspectives on OTIS stock, with an average rating of “Hold” and an average target price of $88.43 based on data from Bloomberg.com. Investors in the financial markets will continue to monitor developments closely to make informed decisions regarding their investment strategies.
Otis Worldwide Corporation
Updated on: 01/12/2023
Debt to equity ratio: Sell
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Sell
DCF: Strong Buy
We did not find social sentiment data for this stock
|Analyst / firm||Rating|
|Cowen & Co.||Buy|
Otis Worldwide Sees Changes in Shareholder Composition
August 30, 2023
Otis Worldwide Co. (NYSE:OTIS) has seen recent changes in its shareholder composition, with several hedge funds and institutional investors adjusting their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in Otis Worldwide by 95.5% during the first quarter, acquiring an additional 190 shares and now owning a total of 389 shares valued at $33,000. Resurgent Financial Advisors LLC purchased a new position in the fourth quarter worth $33,000.
Meanwhile, New Hampshire Trust also purchased a new position in the company during the fourth quarter, with a value of $43,000. Disciplined Investments LLC raised its stake in Otis Worldwide by 392.2% during the first quarter, acquiring an additional 404 shares and now holds a total of 507 shares valued at $43,000. TFC Financial Management Inc. raised its stake by 34.4% during the same period, adding an extra 133 shares to bring its overall ownership to 520 shares valued at $44,000.
Overall, hedge funds and other institutional investors collectively own approximately 85.48% of Otis Worldwide’s stock.
On Wednesday’s trading session on the New York Stock Exchange (NYSE), Otis Worldwide opened at $85.51 per share. Over the past year, the stock has experienced lows of $62.49 and highs of $91.33 per share respectively. The company currently boasts a market capitalization of $35.21 billion with a price-to-earnings (PE) ratio of 26.97 and a beta value of 0.95.
In terms of analyst reports, various research notes have been released regarding OTIS stock lately. Royal Bank of Canada raised their target price on Otis Worldwide from $96 to $100 per share on July 28th, while Barclays increased their price target from $79 to $80 per share on July 10th. Wells Fargo & Company also raised their price target from $88 to $90 per share on the same day. TheStreet recently upgraded Otis Worldwide from a “c+” rating to a “b” rating on July 26th. HSBC raised their price target from $81 to $88 per share on June 23rd. On average, the company holds a “Hold” rating and an average target price of $88.43.
Otis Worldwide has disclosed that it will be paying out a quarterly dividend on Friday, September 8th. Shareholders of record as of Friday, August 18th will receive a dividend of $0.34 per share. This amounts to an annualized dividend of $1.36 and yields at 1.59%. The ex-dividend date is Thursday, August 17th. The company’s current payout ratio stands at 42.90%.
Further in news related to Otis Worldwide, Chief Accounting Officer (CAO) Michael Patrick Ryan sold 6,372 shares of OTIS stock in a transaction dated July 28th at an average price of $90.50 per share, totaling approximately $576,666. Additionally, insider Fernandez Bernardo Calleja sold 3,992 shares in the same period at an average price of $90.70 per share for a total value of $362,074.40.
In summary, Otis Worldwide Co., known for its expertise in elevators and escalators solutions worldwide saw significant changes with several institutional investors modifying their stakes in the company amidst recent trading activity and other notable developments.
Note: All Information provided is based on public sources as referenced above and should not be construed as financial advice or recommendations for investment decisions