MGO One Seven LLC Buys Shares of 2,878 Otis Worldwide Corporation $OTIS

Key Points

• MGO One Seven LLC purchased 2,878 shares of Otis Worldwide Corporation, valued at approximately $285,000, during the second quarter.
• Institutional investors now own 88.03% of Otis Worldwide, with notable increases in stakes from several firms, including Clarendon Private LLC and CWM LLC.
• Analysts have set a consensus rating of "Hold" for Otis Worldwide, with an average price target of $104.63, while JPMorgan Chase recently lifted their target price from $105.00 to $111.00.

MGO One Seven LLC purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,878 shares of the company's stock, valued at approximately $285,000.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Clarendon Private LLC raised its stake in Otis Worldwide by 26.6% during the second quarter. Clarendon Private LLC now owns 6,143 shares of the company's stock worth $608,000 after acquiring an additional 1,291 shares in the last quarter. CWM LLC lifted its stake in Otis Worldwide by 47.9% in the 2nd quarter. CWM LLC now owns 24,369 shares of the company's stock valued at $2,413,000 after purchasing an additional 7,893 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Otis Worldwide by 2.0% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 45,528 shares of the company's stock valued at $4,518,000 after purchasing an additional 902 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in Otis Worldwide by 11.9% in the second quarter. Concurrent Investment Advisors LLC now owns 7,366 shares of the company's stock valued at $729,000 after buying an additional 785 shares in the last quarter. Finally, AdviceOne Advisory Services LLC grew its stake in shares of Otis Worldwide by 0.7% during the second quarter. AdviceOne Advisory Services LLC now owns 143,049 shares of the company's stock worth $14,165,000 after buying an additional 927 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on OTIS shares. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Weiss Ratings reiterated a "hold (c+)" rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Zacks Research raised Otis Worldwide from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 14th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an "outperform" rating in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $104.63.

Otis Worldwide Trading Up 0.8%

Shares of OTIS stock opened at $91.39 on Monday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock has a market cap of $35.87 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 3.58 and a beta of 1.00. The stock has a 50-day moving average of $88.92 and a 200-day moving average of $93.19.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates 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 negative return on equity of 30.95% and a net margin of 10.68%.The firm's quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company 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 was Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide's dividend payout ratio is 44.44%.

Otis Worldwide Company 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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