Cwm LLC Acquires 7,893 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Cwm LLC increased its stake in Otis Worldwide Corporation by 47.9%, acquiring an additional 7,893 shares during the second quarter, bringing its total holdings to 24,369 shares valued at over $2.4 million.
• Otis Worldwide recently reported quarterly earnings of $1.05 per share, exceeding analyst estimates, although its revenue for the quarter was down 0.2% year-over-year.
• The company declared a quarterly dividend of $0.42 per share, resulting in an annualized yield of 1.8%, with a payout ratio currently at 44.44%.

Cwm LLC lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 47.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,369 shares of the company's stock after purchasing an additional 7,893 shares during the quarter. Cwm LLC's holdings in Otis Worldwide were worth $2,413,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Berkshire Money Management Inc. lifted its position in shares of Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company's stock worth $208,000 after purchasing an additional 100 shares in the last quarter. Park Avenue Securities LLC raised its position in Otis Worldwide by 0.8% during the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company's stock worth $1,374,000 after acquiring an additional 104 shares in the last quarter. PFG Investments LLC raised its position in Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company's stock worth $339,000 after acquiring an additional 121 shares in the last quarter. MSH Capital Advisors LLC raised its position in Otis Worldwide by 5.4% during the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company's stock worth $234,000 after acquiring an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP raised its position in Otis Worldwide by 6.0% during the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company's stock worth $228,000 after acquiring an additional 130 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on OTIS. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Morgan Stanley upped their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Finally, Barclays dropped their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $104.63.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $91.39 on Friday. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The firm has a market cap of $35.87 billion, a price-to-earnings ratio of 24.18, a P/E/G ratio of 3.58 and a beta of 1.00. The firm's 50-day simple moving average is $88.92 and its 200 day simple moving average is $93.26.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $3.73 billion. During the same period last year, the firm earned $1.06 earnings per share. Otis Worldwide's revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

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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