Otis Worldwide Corporation $OTIS Stake Raised by Beacon Pointe Advisors LLC

Beacon Pointe Advisors LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 43.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,294 shares of the company’s stock after acquiring an additional 6,462 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Otis Worldwide were worth $2,109,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blueshift Asset Management LLC purchased a new stake in shares of Otis Worldwide in the second quarter worth approximately $273,000. Arrowstreet Capital Limited Partnership grew its position in Otis Worldwide by 109.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 1,005,980 shares of the company’s stock valued at $99,612,000 after purchasing an additional 525,975 shares in the last quarter. Quantbot Technologies LP acquired a new position in Otis Worldwide in the 2nd quarter valued at approximately $9,610,000. Claret Asset Management Corp lifted its position in Otis Worldwide by 17.2% in the 2nd quarter. Claret Asset Management Corp now owns 2,408 shares of the company’s stock worth $238,000 after buying an additional 353 shares in the last quarter. Finally, Shelton Capital Management lifted its position in Otis Worldwide by 55.2% in the 2nd quarter. Shelton Capital Management now owns 3,863 shares of the company’s stock worth $382,000 after buying an additional 1,374 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Activity

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction dated Wednesday, November 5th. The shares were 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 in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OTIS shares. Barclays upped their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Wells Fargo & Company increased their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $103.71.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $86.88 on Friday. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The firm has a market capitalization of $33.86 billion, a PE ratio of 25.63, a PEG ratio of 3.31 and a beta of 1.01. The business’s 50-day simple moving average is $90.20 and its 200-day simple moving average is $91.77.

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

Otis Worldwide Announces Dividend

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

Otis Worldwide 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.