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Wealth Enhancement Advisory Services LLC Acquires 105,956 Shares of Otis Worldwide Corporation $OTIS

Otis Worldwide logo with Industrials background

Key Points

  • Wealth Enhancement Advisory Services LLC significantly increased its stake in Otis Worldwide Corporation by 334.8%, acquiring an additional 105,956 shares, bringing its total holdings to 137,600 shares valued at $13.7 million.
  • Several brokerages have adjusted their price targets for Otis Worldwide, with Morgan Stanley raising its target from $97.00 to $105.00, while Barclays lowered theirs from $92.00 to $90.00.
  • Otis Worldwide reported $1.05 earnings per share for the last quarter, beating estimates, but its revenue was down 0.2% year-over-year.
  • Five stocks to consider instead of Otis Worldwide.

Wealth Enhancement Advisory Services LLC increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 334.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 137,600 shares of the company's stock after purchasing an additional 105,956 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Otis Worldwide were worth $13,693,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. NBC Securities Inc. bought a new stake in shares of Otis Worldwide during the 1st quarter valued at about $25,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at $31,000. Cheviot Value Management LLC bought a new position in shares of Otis Worldwide in the 1st quarter worth about $31,000. Flaharty Asset Management LLC purchased a new position in Otis Worldwide during the 1st quarter valued at about $38,000. Finally, Ransom Advisory Ltd purchased a new position in Otis Worldwide during the 1st quarter valued at about $48,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded up $0.27 during trading on Monday, reaching $89.43. 2,169,040 shares of the stock traded hands, compared to its average volume of 3,053,172. The business has a fifty day simple moving average of $89.15 and a two-hundred day simple moving average of $94.71. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The company has a market capitalization of $35.10 billion, a price-to-earnings ratio of 23.66, a P/E/G ratio of 4.29 and a beta of 0.98.

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

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

Analyst Ratings Changes

A number of brokerages have weighed in on OTIS. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research report on Friday, July 25th. Morgan Stanley boosted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a report on Thursday. Finally, Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research note on Monday, September 15th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $103.00.

Get Our Latest Stock Report on OTIS

About Otis Worldwide

(Free Report)

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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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