Aviso Financial Inc. Boosts Position in Otis Worldwide Corporation $OTIS

Aviso Financial Inc. raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 49,257 shares of the company’s stock after acquiring an additional 613 shares during the period. Aviso Financial Inc.’s holdings in Otis Worldwide were worth $4,877,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. AE Wealth Management LLC boosted its holdings in Otis Worldwide by 14.6% in the first quarter. AE Wealth Management LLC now owns 3,412 shares of the company’s stock valued at $352,000 after purchasing an additional 434 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of Otis Worldwide by 25.3% in the first quarter. HB Wealth Management LLC now owns 20,315 shares of the company’s stock worth $2,097,000 after buying an additional 4,106 shares during the last quarter. LPL Financial LLC boosted its stake in shares of Otis Worldwide by 12.3% in the first quarter. LPL Financial LLC now owns 235,941 shares of the company’s stock worth $24,349,000 after buying an additional 25,878 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Otis Worldwide by 2.1% during the first quarter. Mackenzie Financial Corp now owns 180,085 shares of the company’s stock worth $18,585,000 after acquiring an additional 3,634 shares during the period. Finally, Clarendon Private LLC raised its position in Otis Worldwide by 28.6% during the first quarter. Clarendon Private LLC now owns 4,852 shares of the company’s stock valued at $501,000 after acquiring an additional 1,080 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $87.00 on Tuesday. The business has a fifty day moving average price of $90.42 and a 200 day moving average price of $92.23. The company has a market cap of $33.91 billion, a P/E ratio of 25.66, a P/E/G ratio of 3.36 and a beta of 1.00. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the business earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, November 14th. Otis Worldwide’s payout ratio is currently 49.56%.

Analyst Ratings Changes

Several equities research analysts have commented on OTIS shares. Wells Fargo & Company upped their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Barclays raised their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Royal Bank Of Canada dropped their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Finally, Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $103.71.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the sale, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is owned by company insiders.

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.