The Vanguard Group, Inc. has recently announced that it has increased stake in Otis Worldwide Corporation (NYSE:OTIS) by 1.06%. After grabbing 37.94 million shares, the institutional investor is now in possession of 0.4 million shares of the Industrials Company. The new investment brought the stake of investor firm to 9.11% having worth around $2.68 billion. Moreover, BlackRock Fund Advisors increased its share by 0.6 million to have a control over 20.23 million shares. And AllianceBernstein LP raised its holdings to 0.85 million shares by acquiring 9.84 million shares or 2.36% of the stake.
Otis Worldwide Corporation (OTIS) concluded trading on 11/17/22 at a closing price of $77.35, with 3.42 million shares of worth about $264.57 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 6.56% during that period and on Thursday the price saw a loss of about -1.34%. Currently the company’s common shares owned by public are about 418.50M shares, out of which, 416.36M shares are available for trading.
A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 14 analysts are covering the OTIS stock and their offered price forecasts bring an average price target of $77.64. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $90.00 and could fall to a lowest price of $65.00. The stock’s current price level is -0.35% below of average price target set by the analysts, while a dip to estimated low would result in loss of -19.0% for the stock. However, touching the estimated high of $90.00 would mean a gain of 14.06% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 39 times over the past 12 months. They bought 57,163 shares in 14 of the transactions. In 25 selling transactions, insiders dumped 75,187 shares.
Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund are the top 3 mutual funds which are holding stakes in Otis Worldwide Corporation Vanguard Total Stock Market Index is currently holding 12.54 million shares of worth totaling $885.57 million. The company recently came buying 3209.0 shares which brought its stake up to 3.01% of the company’s outstanding shares. Vanguard 500 Index Fund bought 24001.0 shares, after which its hold over company’s outstanding shares expand to 2.29%, leaving 9.52 million shares with the mutual fund that have a worth of about $672.64 million. Vanguard Mid Cap Index Fund, after selling 4.85 million shares, have now control over 1.16% of the stake in the company. It holds 9832.0 shares of worth $342.4 million.
Otis Worldwide Corporation (NYSE: OTIS) started trading at $77.00, below -$1.4 from concluding price of the previous day. However, the stock later moved at a day high price of 77.41, or with a loss of -1.34%. Stock saw a price change of 2.31% in past 5 days and over the past one month there was a price change of 16.70%. Year-to-date (YTD), OTIS shares are showing a performance of -11.16% which decreased to -9.61% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $62.49 but also hit the highest price of $88.22 during that period. The average intraday trading volume for Otis Worldwide Corporation shares is 2.04 million. The stock is currently trading 7.38% above its 20-day simple moving average (SMA20), while that difference is up 12.07% for SMA50 and it goes to 5.01% higher than SMA200.
The Vanguard Group, Inc. acquired 37.94 million shares of Otis Worldwide Corporation having value of about $2.68 billion. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.4 million shares in the company valued at close to $30882064.85, or have control over 1.06% stake in the company. Otis Worldwide Corporation (NYSE: OTIS) currently have 418.50M outstanding shares and institutions hold larger chunk of about 87.80% of that. Holding of mutual funds in the company is about 39.77% while other institutional holders and individual stake holders have control over 47.59% and 0.05% of the stake respectively.
The stock has a current market capitalization of $31.49B. PE ratio of stock for trailing 12 months is 26.61, while it has posted earnings per share of $2.91 in the same period. Its PEG reads 3.75 and has Quick Ratio of 0.90. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for OTIS, volatility over the week remained 2.52% while standing at 2.69% over the month.
Analysts are in expectations that Otis Worldwide Corporation (OTIS) stock would likely to be making an EPS of $0.74 in the current quarter, while forecast for next quarter EPS is $0.8 and it is $3.45 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.71 which is $0.8 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.72 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 38.50% while it is estimated to increase by 8.91% in next year. EPS is likely to shrink at an annualized rate of 7.10% for next 5-years, compared to annual growth of 14.50% made by the stock over the past 5-years.
Analysts at 14 brokerage firms have issued recommendations for the Otis Worldwide Corporation (OTIS)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.40. Out of those 14 Wall Street analysts, 5 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 1 analyst recommended the stock as “Sell”.
Coverage by JP Morgan stated Otis Worldwide Corporation (OTIS) stock as a Neutral in their note to investors on July 07, 2022, suggesting a price target of $62 for the stock. On July 05, 2022, Exane BNP Paribas Downgrade their recommendations, while on May 24, 2022, Barclays Upgrade their ratings for the stock with a price target of $82. Stock get an Underweight rating from Wells Fargo on October 08, 2021.