Fortis Capital Advisors LLC Buys Shares of 5,807 Otis Worldwide Corporation $OTIS

Key Points

• Fortis Capital Advisors LLC made a new investment in Otis Worldwide Corporation, acquiring 5,807 shares valued at approximately $599,000.
• Analysts have mixed views on Otis Worldwide, with ratings ranging from "underperform" to "outperform," and an average target price of $102.50.
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, representing a 1.9% dividend yield and a payout ratio of 44.44%.

Fortis Capital Advisors LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,807 shares of the company's stock, valued at approximately $599,000.

Several other institutional investors have also recently added to or reduced their stakes in OTIS. Vanguard Group Inc. increased its position in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. Invesco Ltd. grew its position in Otis Worldwide by 4.7% in the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock worth $437,424,000 after purchasing an additional 190,397 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after acquiring an additional 571,489 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Otis Worldwide by 9.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,602,727 shares of the company's stock valued at $333,649,000 after buying an additional 316,890 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the subject of several research analyst reports. Royal Bank Of Canada reduced their price target 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. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday, July 24th. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. Finally, Morgan Stanley upped their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Otis Worldwide currently has an average rating of "Hold" and an average price target of $102.50.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $0.26 during midday trading on Friday, reaching $89.12. The company's stock had a trading volume of 3,610,840 shares, compared to its average volume of 3,228,639. The business's fifty day simple moving average is $90.36 and its 200-day simple moving average is $95.23. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a market capitalization of $34.98 billion, a P/E ratio of 23.58, a P/E/G ratio of 4.30 and a beta of 0.98.

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

Otis Worldwide Announces Dividend

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