Ascent Wealth Partners LLC Invests $870,000 in Otis Worldwide Corporation $OTIS

Ascent Wealth Partners LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,512 shares of the company’s stock, valued at approximately $870,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. Rexford Capital Inc. boosted its holdings in shares of Otis Worldwide by 3.8% in the 3rd quarter. Rexford Capital Inc. now owns 3,829 shares of the company’s stock valued at $350,000 after purchasing an additional 141 shares during the last quarter. Davidson Investment Advisors boosted its holdings in Otis Worldwide by 60.7% in the third quarter. Davidson Investment Advisors now owns 287,918 shares of the company’s stock valued at $26,324,000 after acquiring an additional 108,759 shares during the last quarter. GAM Holding AG purchased a new stake in Otis Worldwide during the third quarter valued at about $366,000. Lazard Freres Gestion S.A.S. increased its stake in Otis Worldwide by 17.5% during the third quarter. Lazard Freres Gestion S.A.S. now owns 1,073,844 shares of the company’s stock worth $98,181,000 after acquiring an additional 160,091 shares during the last quarter. Finally, True Wealth Design LLC increased its stake in Otis Worldwide by 701.9% during the third quarter. True Wealth Design LLC now owns 850 shares of the company’s stock worth $78,000 after acquiring an additional 744 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related 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 value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, 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 legal filing with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research reports. Wall Street Zen upgraded Otis Worldwide from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Up 1.1%

OTIS opened at $88.33 on Friday. The firm’s 50 day moving average is $88.71 and its 200-day moving average is $90.50. 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 $34.42 billion, a P/E ratio of 26.06, a P/E/G ratio of 3.13 and a beta of 1.02.

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, beating analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period last year, the business earned $0.96 EPS. The business’s revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities 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 announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.