The Vanguard Group, Inc. recently announced the acquisition of new stake in Otis Worldwide Corporation (NYSE:OTIS). The institutional investor has increased its shareholding in the Industrials company by 0.01% to 38.09 million shares with purchase of 3007.0 shares. This fresh investment now brings its stake to 9.18% valued currently at $3.22 billion. In addition, Geode Capital Management LLC raised its holdings by 0.1 million to 9.83 million shares. And Fundsmith LLP has lifted its position by 0.12% or 9480.0 shares – to 7.91 million shares.
With over 2.5 million Otis Worldwide Corporation (OTIS) shares trading Monday and a closing price of $81.94 on the day, the dollar volume was approximately $204.61 million. The shares have shown a positive half year performance of 11.63% and its price on 03/13/23 lost nearly -0.26%. Currently, there are 416.10M common shares owned by the public and among those 414.66M shares have been available to trade.
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The analysts have set the share’s price value over the next 12 months at a high of $95.00 and a low of $72.00. The average price target is 3.03% above its recent price level and a downside to the estimated low will see the stock lose -13.81% over that period. But an upside of 13.75% will see the stock hit the forecast high price target while median target price for the stock is $89.00.
Insiders at the company have transacted a total of 105 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 41 of these insider trades were purchases, accounting for 166,103 shares. Insider sales of the common stock occurred on 64 occasions, with total insider shares sold totaling 180,998 shares.
The top 3 mutual fund holders in Otis Worldwide Corporation are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market Index owns 12.76 million shares of the company’s stock, all valued at over $1.08 billion. The company bought an additional 92083.0 shares recently to bring their total holdings to about 3.08% of the shares outstanding. Vanguard 500 Index Fund bought 22851.0 shares to see its total holdings expand to 9.65 million shares valued at over $816.79 million and representing 2.33% of the shares outstanding. Vanguard Mid Cap Index Fund bought 7786.0 shares to bring its total holdings to over 4.85 million shares at a value of $410.51 million. Vanguard Mid Cap Index Fund now owns shares totaling to 1.17% of the shares outstanding.
Shares of Otis Worldwide Corporation (NYSE: OTIS) opened at $81.36, down -$0.79 from a prior closing price of $82.15. However, the script later moved the day high at 82.99, down -0.26%. The company’s stock has a 5-day price change of -5.44% and 2.76% over the past three months. OTIS shares are trading 4.64% year to date (YTD), with the 12-month market performance up to 11.03% higher. It has a 12-month low price of $62.49 and touched a high of $87.33 over the same period. OTIS has an average intraday trading volume of 1.77 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.96%, -1.00%, and 8.40% respectively.
Institutional ownership of Otis Worldwide Corporation (NYSE: OTIS) shares accounts for 87.70% of the company’s 416.10M shares outstanding. Mutual fund holders own 40.59%, while other institutional holders and individual stakeholders account for 48.24% and 0.06% respectively.
It has a market capitalization of $34.82B. The stock’s trailing 12-month PE ratio is 27.66, while the earnings-per-share (ttm) stands at $2.96. The company has a PEG of 3.14 and a Quick Ratio of 0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.12% over the week and 1.54% over the month.
Analysts forecast that Otis Worldwide Corporation (OTIS) will achieve an EPS of $0.75 for the current quarter, $0.87 for the next quarter and $3.82 for 2024. The lowest estimate earnings-per-share for the quarter is $0.73 while analysts give the company a high EPS estimate of $0.83. Comparatively, EPS for the current quarter was $0.77 a year ago. Earnings per share for the fiscal year are expected to increase by 2.60%, and 11.07% over the next financial year. EPS should shrink at an annualized rate of 8.80% over the next five years, compared to 15.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Otis Worldwide Corporation (OTIS) as a “Moderate Buy” at a consensus score of 2.70. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 6 of the 14 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the OTIS, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on January 06, 2023, with the firm’s price target at $84. Barclays coverage for the Otis Worldwide Corporation (OTIS) stock in a research note released on December 01, 2022 offered a Equal Weight rating with a price target of $80. Argus was of a view on November 07, 2022 that the stock is Hold, while JP Morgan gave the stock Neutral rating on July 07, 2022, issuing a price target of $100- $62. Exane BNP Paribas on their part issued Neutral rating on July 05, 2022.
