Callan Family Office LLC Purchases 5,212 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Callan Family Office LLC increased its stake in Otis Worldwide Corporation by 153%, acquiring an additional 5,212 shares, bringing their total to 8,619 shares valued at $853,000.
• Multiple hedge funds have also bolstered their holdings in Otis, with institutional investors owning 88.03% of the company's stock.
• Wall Street analysts remain optimistic, with an average price target of $103.88 for the stock, although ratings vary with three Buy, five Hold, and two Sell ratings.

Callan Family Office LLC raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 153.0% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 8,619 shares of the company's stock after buying an additional 5,212 shares during the period. Callan Family Office LLC's holdings in Otis Worldwide were worth $853,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Blair William & Co. IL boosted its position in Otis Worldwide by 14.4% in the 2nd quarter. Blair William & Co. IL now owns 24,770 shares of the company's stock valued at $2,453,000 after buying an additional 3,121 shares during the last quarter. MSH Capital Advisors LLC boosted its position in shares of Otis Worldwide by 5.4% in the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company's stock worth $234,000 after purchasing an additional 122 shares during the last quarter. Maryland State Retirement & Pension System boosted its position in shares of Otis Worldwide by 2.9% in the 2nd quarter. Maryland State Retirement & Pension System now owns 19,207 shares of the company's stock worth $1,902,000 after purchasing an additional 549 shares during the last quarter. Shell Asset Management Co. boosted its position in shares of Otis Worldwide by 121.7% in the 2nd quarter. Shell Asset Management Co. now owns 19,370 shares of the company's stock worth $1,918,000 after purchasing an additional 10,633 shares during the last quarter. Finally, Roundview Capital LLC boosted its position in shares of Otis Worldwide by 2.2% in the 2nd quarter. Roundview Capital LLC now owns 29,996 shares of the company's stock worth $2,970,000 after purchasing an additional 638 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the stock an "outperform" rating in a research report on Wednesday. Morgan Stanley lifted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Barclays dropped 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research report on Thursday, September 18th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $103.88.

Otis Worldwide Stock Down 0.3%

Shares of NYSE:OTIS opened at $89.46 on Monday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock has a market cap of $35.11 billion, a PE ratio of 23.67, a P/E/G ratio of 3.51 and a beta of 1.00. The business has a 50 day moving average of $88.52 and a 200-day moving average of $93.63.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the company posted $1.06 earnings per share. The business's revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were issued 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 was Friday, August 15th. Otis Worldwide's 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.

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