Belpointe Asset Management LLC Invests $599,000 in Otis Worldwide Corporation $OTIS

Key Points

• Belpointe Asset Management LLC invested approximately $599,000 in Otis Worldwide Corporation, acquiring 5,807 shares in the 1st quarter.
• Otis Worldwide's stock has an average rating of "Hold" from analysts, with target prices ranging from $93.00 to $105.00 from major financial institutions.
• The company recently declared a quarterly dividend of $0.42, yielding 1.9% annually, and has set its FY 2025 guidance at $4.00 - $4.10 EPS.

Belpointe Asset Management LLC bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,807 shares of the company's stock, valued at approximately $599,000.

Other hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter valued at about $25,000. Wayfinding Financial LLC purchased a new position in shares of Otis Worldwide during the 1st quarter worth approximately $31,000. Cheviot Value Management LLC acquired a new stake in Otis Worldwide during the first quarter worth approximately $31,000. Flaharty Asset Management LLC acquired a new stake in Otis Worldwide during the first quarter worth approximately $38,000. Finally, Orion Capital Management LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $35,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OTIS shares. Royal Bank Of Canada decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. JPMorgan Chase & Co. reduced their target price on shares of Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Morgan Stanley lifted their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average target price of $102.50.

Otis Worldwide Trading Down 0.3%

NYSE OTIS opened at $89.12 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 cap of $34.98 billion, a price-to-earnings ratio of 23.58, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98. The company has a 50-day moving average price of $90.36 and a two-hundred day moving average price of $95.23.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a $0.42 dividend. 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, August 15th. Otis Worldwide's dividend payout ratio is currently 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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.