Carolina Wealth Advisors LLC Raises Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Carolina Wealth Advisors LLC increased its holdings in Otis Worldwide Corporation by 31.9%, acquiring an additional 2,820 shares and raising the total to 11,666 shares valued at approximately $1,155,000.
• Institutional investors collectively own 88.03% of Otis Worldwide's stock, with various hedge funds actively purchasing new positions in the company.
• Despite a mixed rating from analysts, Otis Worldwide's stock has a consensus rating of "Hold" and an average target price of $103.00, following adjustments from multiple research firms.

Carolina Wealth Advisors LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 31.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,666 shares of the company's stock after acquiring an additional 2,820 shares during the quarter. Carolina Wealth Advisors LLC's holdings in Otis Worldwide were worth $1,155,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. NBC Securities Inc. bought a new position in shares of Otis Worldwide in the first quarter worth about $25,000. Wayfinding Financial LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Cheviot Value Management LLC bought a new position in Otis Worldwide in the 1st quarter worth about $31,000. Flaharty Asset Management LLC purchased a new position in shares of Otis Worldwide during the first quarter worth approximately $38,000. Finally, Toth Financial Advisory Corp bought a new stake in shares of Otis Worldwide during the second quarter valued at approximately $45,000. Institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. Morgan Stanley upped their price objective 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. Wells Fargo & Company cut 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 research report on Thursday, July 24th. Finally, Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $103.00.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $91.57 on Friday. The business's 50-day moving average is $88.13 and its 200 day moving average is $94.09. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm has a market capitalization of $35.94 billion, a P/E ratio of 24.23, a P/E/G ratio of 4.40 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share 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 business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The company'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. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.44%.

About Otis Worldwide

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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