Commerce Bank Makes New Investment in Otis Worldwide Corporation $OTIS

Key Points

• Commerce Bank acquired 66,323 shares of Otis Worldwide in the second quarter, valued at approximately $4.75 million. Institutional investors and hedge funds collectively own 88.03% of the company.
• Analyst sentiment remains mixed, with four Buy, five Hold and one Sell rating. The stock has an average rating of “Hold” and an average price target of $92.91.
• Otis reported quarterly EPS of $1.01, in line with estimates, while revenue of $3.86 billion exceeded forecasts and rose 7.3% year over year. The company also declared a quarterly dividend of $0.44 per share, representing a 2.5% yield.

Commerce Bank acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 66,323 shares of the company's stock, valued at approximately $4,749,000.

Several other large investors also recently added to or reduced their stakes in OTIS. Camelot Portfolios LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC acquired a new stake in Otis Worldwide during the fourth quarter valued at $27,000. MidFirst Bank purchased a new position in Otis Worldwide in the second quarter valued at about $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Otis Worldwide in the second quarter valued at about $28,000. Finally, Elevation Wealth Partners LLC increased its position in Otis Worldwide by 1,910.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company's stock worth $29,000 after purchasing an additional 382 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Sanford C. Bernstein cut their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Evercore reissued an "outperform" rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Finally, Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research note on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $92.91.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $71.65 on Monday. The company has a market cap of $27.28 billion, a P/E ratio of 18.42, a P/E/G ratio of 2.52 and a beta of 0.89. The stock's 50-day moving average is $72.64 and its 200-day moving average is $77.56. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.01. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. Otis Worldwide's revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide's payout ratio is currently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis's business derives from long-term service contracts and responsive maintenance work.

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