Arista Wealth Management LLC Acquires New Position in Otis Worldwide Corporation $OTIS

Key Points

• Arista Wealth Management LLC acquired a new stake of 3,761 shares in Otis Worldwide Corporation, valued at approximately $372,000 during the second quarter.
• Most analysts maintain a consensus rating of "Hold" for the stock, with an average target price set at $104.63, reflecting varying outlooks on its future performance.
• Otis Worldwide recently announced a quarterly dividend of $0.42, representing a 1.8% yield and reflecting a dividend payout ratio of 44.44%.

Arista Wealth Management LLC acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,761 shares of the company's stock, valued at approximately $372,000.

A number of other large investors also recently modified their holdings of OTIS. GAMMA Investing LLC raised its holdings in shares of Otis Worldwide by 18.8% during the 1st quarter. GAMMA Investing LLC now owns 7,953 shares of the company's stock valued at $821,000 after buying an additional 1,260 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Otis Worldwide by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,644 shares of the company's stock worth $3,266,000 after purchasing an additional 1,303 shares during the period. Dynamic Advisor Solutions LLC increased its stake in Otis Worldwide by 16.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 2,697 shares of the company's stock worth $278,000 after purchasing an additional 372 shares during the period. Exchange Traded Concepts LLC increased its stake in Otis Worldwide by 16.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company's stock worth $113,000 after purchasing an additional 158 shares during the period. Finally, Sowell Financial Services LLC purchased a new position in Otis Worldwide in the 1st quarter worth approximately $291,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Zacks Research raised Otis Worldwide from a "strong sell" rating to a "hold" rating in a research note on Tuesday. Wells Fargo & Company lifted their price target on Otis Worldwide from $93.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Monday, October 6th. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Finally, JPMorgan Chase & Co. lifted 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. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $104.63.

Otis Worldwide Stock Performance

OTIS opened at $91.39 on Friday. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The stock has a market capitalization of $35.87 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 3.56 and a beta of 1.00. The stock's 50 day moving average price is $88.92 and its 200-day moving average price is $93.34.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $3.73 billion. During the same period in the previous year, the firm earned $1.06 earnings per share. 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 forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

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.

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