Sanders Morris Harris LLC Takes Position in Otis Worldwide Corporation $OTIS

Key Points

• Sanders Morris Harris LLC has acquired a new stake in Otis Worldwide Corporation, purchasing 3,087 shares valued at approximately $306,000 in the 2nd quarter.
• Otis Worldwide reported a quarterly earnings per share (EPS) of $1.05, beating estimates but showing a slight decrease in revenue compared to the prior year.
• A quarterly dividend of $0.42 per share was declared recently, with an annualized dividend yield of 1.8%.

Sanders Morris Harris LLC purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,087 shares of the company's stock, valued at approximately $306,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Berkshire Money Management Inc. lifted its position in Otis Worldwide by 5.0% in the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company's stock worth $208,000 after buying an additional 100 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of Otis Worldwide by 0.8% during the 2nd quarter. Park Avenue Securities LLC now owns 13,876 shares of the company's stock valued at $1,374,000 after purchasing an additional 104 shares in the last quarter. PFG Investments LLC raised its holdings in shares of Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company's stock valued at $339,000 after purchasing an additional 121 shares in the last quarter. MSH Capital Advisors LLC raised its holdings in shares of Otis Worldwide by 5.4% during the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company's stock valued at $234,000 after purchasing an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP grew its stake in Otis Worldwide by 6.0% in the 2nd quarter. Bennett Selby Investments LP now owns 2,301 shares of the company's stock valued at $228,000 after buying an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Up 0.3%

Shares of OTIS stock opened at $91.52 on Tuesday. The company's fifty day simple moving average is $89.03 and its 200-day simple moving average is $93.16. The firm has a market cap of $35.92 billion, a PE ratio of 24.21, a P/E/G ratio of 3.58 and a beta of 1.00. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) 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 firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the firm posted $1.06 earnings per share. The company's quarterly revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's dividend payout ratio is 44.44%.

Analyst Ratings Changes

A number of research analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an "overweight" rating in a research note on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research note on Monday, October 6th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. Finally, Morgan Stanley raised their price target on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.63.

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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