SummitTX Capital L.P. Invests $2.44 Million in Otis Worldwide Corporation $OTIS

Key Points

• SummitTX Capital acquired 31,689 shares of Otis Worldwide worth approximately $2.44 million, while institutional investors collectively own 88.03% of the company.
• Analyst sentiment remains cautious, with an average “Hold” rating and a $94.09 consensus price target; Wells Fargo and Barclays recently lowered their targets to $80 and $77, respectively.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, and matched earnings estimates at $1.01 per share. The company also declared a quarterly dividend of $0.44 per share, representing a 2.4% annualized yield.

SummitTX Capital L.P. bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 31,689 shares of the company's stock, valued at approximately $2,443,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Camelot Portfolios LLC purchased a new position in Otis Worldwide during the 4th quarter valued at $26,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth about $27,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Otis Worldwide during the 4th quarter valued at about $33,000. Reflection Asset Management purchased a new position in shares of Otis Worldwide during the fourth quarter valued at about $34,000. Finally, MidFirst Bank purchased a new position in shares of Otis Worldwide during the fourth quarter valued at about $35,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Wells Fargo & Company cut their price objective on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 1st. Morgan Stanley set a $88.00 target price on Otis Worldwide in a research note on Friday, April 24th. Weiss Ratings lowered Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Barclays dropped their price target on Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a research report on Thursday, April 23rd. Finally, Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a report on Tuesday. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average target price of $94.09.

Otis Worldwide Stock Performance

Shares of OTIS opened at $73.70 on Wednesday. The stock has a market cap of $28.06 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 2.59 and a beta of 0.90. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57. The firm's 50-day simple moving average is $72.05 and its two-hundred day simple moving average is $79.68.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts' consensus estimates of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the firm earned $1.05 earnings per share. The business's revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts predict that Otis Worldwide Corporation will post 4 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. Otis Worldwide's payout ratio is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis's business derives from long-term service contracts and responsive maintenance work.

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