Farther Finance Advisors LLC Acquires 151 Shares of Otis Worldwide Corporation $OTIS

Farther Finance Advisors LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,996 shares of the company’s stock after purchasing an additional 151 shares during the period. Farther Finance Advisors LLC’s holdings in Otis Worldwide were worth $297,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. lifted its stake in Otis Worldwide by 62.6% during the second quarter. Assenagon Asset Management S.A. now owns 713,614 shares of the company’s stock worth $70,662,000 after purchasing an additional 274,718 shares during the last quarter. IFM Investors Pty Ltd lifted its stake in shares of Otis Worldwide by 1.2% in the 2nd quarter. IFM Investors Pty Ltd now owns 76,181 shares of the company’s stock valued at $7,543,000 after acquiring an additional 893 shares during the last quarter. Charter Oak Capital Management LLC lifted its stake in shares of Otis Worldwide by 6.2% in the 2nd quarter. Charter Oak Capital Management LLC now owns 2,676 shares of the company’s stock valued at $265,000 after acquiring an additional 157 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its stake in shares of Otis Worldwide by 7.5% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 3,455 shares of the company’s stock valued at $344,000 after acquiring an additional 240 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Otis Worldwide by 334.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 137,600 shares of the company’s stock valued at $13,693,000 after acquiring an additional 105,956 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 1.0%

NYSE OTIS opened at $91.28 on Tuesday. The company has a market capitalization of $35.82 billion, a price-to-earnings ratio of 24.15, a PEG ratio of 4.35 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock has a fifty day simple moving average of $88.15 and a 200 day simple moving average of $94.32.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the business posted $1.06 EPS. The business’s revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on OTIS shares. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, July 24th. Royal Bank Of Canada dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Wolfe Research upgraded Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. Wells Fargo & Company dropped their price target on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.00.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.