Turtle Creek Wealth Advisors LLC Buys New Stake in Otis Worldwide Corporation $OTIS

Key Points

• Turtle Creek Wealth Advisors LLC has acquired a new position in Otis Worldwide Corporation, purchasing 10,633 shares valued at approximately $1,053,000.
• Institutional investors, including Vanguard Group Inc. and JPMorgan Chase & Co., have also increased their stakes in Otis Worldwide, indicating strong interest in the company.
• Analysts have mixed ratings on Otis Worldwide, with a consensus of "Hold" and a target price averaging $104.63, while Zacks Research recently downgraded its rating to "strong sell."

Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 10,633 shares of the company's stock, valued at approximately $1,053,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. PineStone Asset Management Inc. lifted its stake in shares of Otis Worldwide by 13.3% in the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock valued at $459,360,000 after purchasing an additional 543,933 shares during the period. Invesco Ltd. lifted its stake in shares of Otis Worldwide by 4.7% in the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock valued at $437,424,000 after purchasing an additional 190,397 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after acquiring an additional 571,489 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of a number of research reports. Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a report on Monday, October 6th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an "outperform" rating in a report on Wednesday, October 8th. Morgan Stanley boosted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $104.63.

Otis Worldwide Trading Up 0.7%

NYSE OTIS opened at $91.42 on Thursday. The company's fifty day simple moving average is $88.78 and its 200-day simple moving average is $93.51. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The stock has a market cap of $35.88 billion, a P/E ratio of 24.19, a PEG ratio of 3.57 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analysts' expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business's revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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