Ridgewood Investments LLC Grows Position in Otis Worldwide Corporation $OTIS

Key Points

• Ridgewood Investments LLC increased its stake in Otis Worldwide Corporation by 79.9% during the second quarter, now holding shares worth approximately $1,009,000.
• Analysts have mixed views on Otis Worldwide, with target prices ranging from $93 to $109, and a consensus rating of "Hold".
• Otis Worldwide recently announced a quarterly dividend of $0.42 per share, resulting in an annual yield of 1.9%.

Ridgewood Investments LLC grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 79.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,191 shares of the company's stock after purchasing an additional 4,525 shares during the quarter. Ridgewood Investments LLC's holdings in Otis Worldwide were worth $1,009,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. Vident Advisory LLC grew its stake in Otis Worldwide by 14.4% in the 4th quarter. Vident Advisory LLC now owns 8,096 shares of the company's stock valued at $750,000 after buying an additional 1,022 shares in the last quarter. Waverly Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $404,000. Vise Technologies Inc. bought a new position in shares of Otis Worldwide in the fourth quarter worth $267,000. Toronto Dominion Bank grew its position in shares of Otis Worldwide by 56.5% in the fourth quarter. Toronto Dominion Bank now owns 219,473 shares of the company's stock valued at $20,325,000 after purchasing an additional 79,200 shares in the last quarter. Finally, Forum Financial Management LP raised its stake in shares of Otis Worldwide by 12.0% during the 4th quarter. Forum Financial Management LP now owns 2,893 shares of the company's stock valued at $268,000 after purchasing an additional 311 shares during the period. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the subject of several analyst reports. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a research note on Thursday. 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. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. Finally, Zacks Research downgraded shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a report on Monday, September 15th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $103.00.

Otis Worldwide Price Performance

OTIS opened at $89.25 on Monday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business has a 50 day simple moving average of $89.36 and a two-hundred day simple moving average of $94.82. The firm has a market capitalization of $35.03 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 4.29 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating 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 business 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. The firm'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. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid 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 yield of 1.9%. Otis Worldwide's 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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