Boston Family Office LLC Acquires Shares of 3,462 Otis Worldwide Corporation $OTIS

Key Points

• Boston Family Office LLC has acquired a new 3,462 shares in Otis Worldwide Corporation, valued at approximately $357,000, reflecting growing institutional interest in the company.
• Otis Worldwide reported earnings per share of $1.05 for the last quarter, beating estimates, although its revenue of $3.60 billion fell short of expectations.
• The company also announced a quarterly dividend of $0.42, with a dividend yield of 1.9%, highlighting its commitment to returning value to shareholders.

Boston Family Office LLC acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 3,462 shares of the company's stock, valued at approximately $357,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OTIS. Transce3nd LLC purchased a new stake in Otis Worldwide during the fourth quarter worth about $25,000. NBC Securities Inc. acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $25,000. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $31,000. Cheviot Value Management LLC purchased a new stake in Otis Worldwide during the 1st quarter worth approximately $31,000. Finally, Orion Capital Management LLC acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $35,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE OTIS traded up $0.9280 during midday trading on Tuesday, hitting $88.5380. 5,698,959 shares of the company's stock were exchanged, compared to its average volume of 4,304,504. The firm's fifty day simple moving average is $93.88 and its 200-day simple moving average is $96.43. The company has a market cap of $34.75 billion, a PE ratio of 23.42, a P/E/G ratio of 4.21 and a beta of 0.95. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

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

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Wolfe Research upgraded Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Barclays cut their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Finally, Morgan Stanley lifted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $102.50.

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.