Allworth Financial LP Grows Stock Holdings in Otis Worldwide Corporation $OTIS

Allworth Financial LP lifted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 4.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,805 shares of the company’s stock after purchasing an additional 1,447 shares during the quarter. Allworth Financial LP’s holdings in Otis Worldwide were worth $3,347,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Cheviot Value Management LLC purchased a new position in Otis Worldwide during the first quarter valued at $31,000. Chilton Capital Management LLC bought a new position in shares of Otis Worldwide during the second quarter valued at $31,000. Flaharty Asset Management LLC bought a new position in shares of Otis Worldwide during the first quarter valued at $38,000. Toth Financial Advisory Corp purchased a new position in shares of Otis Worldwide in the 2nd quarter worth about $45,000. Finally, Ransom Advisory Ltd bought a new position in Otis Worldwide in the 1st quarter worth about $48,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.6%

OTIS opened at $90.90 on Thursday. The company’s 50 day moving average is $90.44 and its 200 day moving average is $92.73. The company has a market cap of $35.42 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 3.44 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.05. The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s payout ratio is 49.56%.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Barclays increased their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Finally, Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $103.71.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Company Profile

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.