NewEdge Advisors LLC Has $1.94 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• NewEdge Advisors increased its Otis Worldwide stake by 132.4% in the second quarter, owning 27,068 shares valued at approximately $1.94 million. Institutional investors and hedge funds collectively own 88.03% of the company.
• Analyst sentiment remains mixed, with four Buy, five Hold and one Sell rating. The consensus rating is Hold, with an average price target of $92.91 versus the stock’s reported price of $68.55.
• Otis reported second-quarter revenue of $3.86 billion, up 7.3% year over year, while adjusted earnings of $1.01 per share matched estimates. The company pays a quarterly dividend of $0.44, equivalent to a 2.6% yield.

NewEdge Advisors LLC lifted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 132.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,068 shares of the company's stock after purchasing an additional 15,420 shares during the quarter. NewEdge Advisors LLC's holdings in Otis Worldwide were worth $1,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the 2nd quarter valued at $27,000. Reflection Asset Management purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $34,000. MidFirst Bank acquired a new stake in Otis Worldwide during the fourth quarter valued at $35,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Otis Worldwide during the second quarter valued at $28,000. Finally, Elevation Wealth Partners LLC grew its stake in Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company's stock valued at $29,000 after purchasing an additional 382 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OTIS shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Sanford C. Bernstein dropped their price objective on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research report on Tuesday, July 28th. Evercore reissued an "outperform" rating and issued a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $92.91.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $68.55 on Friday. Otis Worldwide Corporation has a fifty-two week low of $67.64 and a fifty-two week high of $94.57. The firm has a fifty day moving average price of $71.72 and a two-hundred day moving average price of $74.82. The firm has a market cap of $26.09 billion, a price-to-earnings ratio of 17.62, a P/E/G ratio of 2.42 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same period last year, the business posted $1.05 earnings per share. The firm's revenue was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 14th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 14th. Otis Worldwide's dividend payout ratio is currently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation NYSE: OTIS designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company's offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.

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