Connecticut Wealth Management LLC Acquires 4,045 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Connecticut Wealth Management LLC increased its holdings in Otis Worldwide Corporation by 4.0% during Q1, now owning 104,937 shares worth approximately $10.83 million.
• Otis Worldwide reported earnings of $1.05 per share for the most recent quarter, beating the consensus estimate by $0.02, although its revenue of $3.60 billion fell short of expectations.
• The company recently announced a quarterly dividend of $0.42 per share, representing an annualized yield of 1.9%, with the ex-dividend date set for August 15th.

Connecticut Wealth Management LLC grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 104,937 shares of the company's stock after purchasing an additional 4,045 shares during the quarter. Otis Worldwide comprises about 0.6% of Connecticut Wealth Management LLC's investment portfolio, making the stock its 27th biggest position. Connecticut Wealth Management LLC's holdings in Otis Worldwide were worth $10,830,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Simon Quick Advisors LLC bought a new position in Otis Worldwide in the 1st quarter worth $443,000. SG Americas Securities LLC bought a new position in Otis Worldwide in the 1st quarter worth $2,533,000. Quintet Private Bank Europe S.A. raised its holdings in Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company's stock worth $29,921,000 after acquiring an additional 9,467 shares during the period. Assenagon Asset Management S.A. raised its holdings in Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company's stock worth $45,294,000 after acquiring an additional 343,987 shares during the period. Finally, Kingswood Wealth Advisors LLC bought a new position in Otis Worldwide in the 1st quarter worth $225,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $86.42 on Friday. The firm has a market capitalization of $33.92 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 4.15 and a beta of 0.95. The company's fifty day moving average is $92.58 and its two-hundred day moving average is $95.99. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business's quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the business posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, August 15th. Otis Worldwide's payout ratio is 44.44%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on OTIS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Wells Fargo & Company dropped 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 report on Thursday, July 24th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Finally, Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $102.50.

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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