Liberty Capital Management Inc. Boosts Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Liberty Capital Management Inc. increased its holdings in Otis Worldwide Corporation by 14.7%, owning a total of 31,143 shares valued at approximately $3,084,000.
• Despite mixed reviews from analysts, Otis Worldwide maintains a consensus rating of "Hold" and a price target of $103.00 according to recent reports.
• Otis Worldwide announced a quarterly dividend of $0.42, resulting in an annualized yield of 1.8% with a payout ratio of 44.44%.

Liberty Capital Management Inc. increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 14.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,143 shares of the company's stock after buying an additional 3,991 shares during the quarter. Liberty Capital Management Inc.'s holdings in Otis Worldwide were worth $3,084,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its holdings in Otis Worldwide by 14.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,341 shares of the company's stock valued at $2,810,000 after purchasing an additional 3,765 shares in the last quarter. Rhumbline Advisers lifted its holdings in Otis Worldwide by 5.7% during the first quarter. Rhumbline Advisers now owns 771,542 shares of the company's stock valued at $79,623,000 after purchasing an additional 41,596 shares in the last quarter. Czech National Bank lifted its holdings in Otis Worldwide by 5.2% during the first quarter. Czech National Bank now owns 91,074 shares of the company's stock valued at $9,399,000 after purchasing an additional 4,462 shares in the last quarter. NBC Securities Inc. purchased a new position in Otis Worldwide during the first quarter valued at approximately $25,000. Finally, Merit Financial Group LLC lifted its holdings in Otis Worldwide by 51.6% during the first quarter. Merit Financial Group LLC now owns 16,355 shares of the company's stock valued at $1,688,000 after purchasing an additional 5,565 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price target on the stock. Wells Fargo & Company lowered their price target 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. Royal Bank Of Canada lowered their price target 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. Barclays reduced 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. Finally, Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $91.45 on Wednesday. The stock has a market cap of $35.89 billion, a P/E ratio of 24.19, a PEG ratio of 4.39 and a beta of 0.98. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm's 50 day moving average price is $87.96 and its 200-day moving average price is $94.30.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results 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. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. During the same quarter in the previous year, the business posted $1.06 earnings per share. Otis Worldwide's quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide's 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.

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