Coerente Capital Management Invests $10.79 Million in Otis Worldwide Corporation $OTIS

Key Points

• Coerente Capital Management has invested approximately $10.79 million in Otis Worldwide Corporation, purchasing 108,979 shares, representing 2.0% of its portfolio.
• Shares of Otis Worldwide have a market capitalization of $35.22 billion, with a recent trading range between a 1-year low of $84.25 and a high of $106.83.
• Analysts have varied opinions on the stock, with a consensus price target of $103.88 and ratings ranging from Buy to Sell.

Coerente Capital Management purchased a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 108,979 shares of the company's stock, valued at approximately $10,791,000. Otis Worldwide accounts for 2.0% of Coerente Capital Management's portfolio, making the stock its 21st biggest position.

A number of other large investors have also recently made changes to their positions in OTIS. NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the first quarter worth approximately $25,000. Miracle Mile Advisors LLC bought a new stake in Otis Worldwide during the first quarter valued at approximately $281,000. Farther Finance Advisors LLC grew its position in Otis Worldwide by 106.3% during the first quarter. Farther Finance Advisors LLC now owns 2,845 shares of the company's stock valued at $296,000 after buying an additional 1,466 shares during the period. GAMMA Investing LLC grew its position in Otis Worldwide by 18.8% during the first 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 during the period. Finally, SG Americas Securities LLC bought a new stake in Otis Worldwide during the first quarter valued at approximately $2,533,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $89.73 on Friday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company has a market capitalization of $35.22 billion, a P/E ratio of 23.74, a P/E/G ratio of 3.58 and a beta of 1.00. The firm's 50 day simple moving average is $88.42 and its two-hundred day simple moving average is $93.84.

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, beating 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 business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the firm earned $1.06 earnings per share. The company's revenue for the quarter 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, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's payout ratio is 44.44%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Barclays cut their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. Royal Bank Of Canada cut their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research report on Monday. Morgan Stanley boosted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Otis Worldwide in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of "Hold" and a consensus price target of $103.88.

Otis Worldwide 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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