Clarendon Private LLC Raises Stock Holdings in Otis Worldwide Corporation $OTIS

Clarendon Private LLC raised its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 26.6% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 6,143 shares of the company’s stock after purchasing an additional 1,291 shares during the quarter. Clarendon Private LLC’s holdings in Otis Worldwide were worth $608,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after buying an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. raised its stake in Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after buying an additional 1,591,450 shares in the last quarter. Nuveen LLC acquired a new stake in Otis Worldwide during the first quarter valued at approximately $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake 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 valued at $427,049,000 after buying an additional 571,489 shares in the last quarter. Finally, PineStone Asset Management Inc. raised its stake in Otis Worldwide by 13.3% during the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after buying an additional 543,933 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.3%

Shares of Otis Worldwide stock opened at $89.46 on Friday. The business’s 50 day simple moving average is $88.52 and its 200-day simple moving average is $93.70. The stock has a market capitalization of $35.11 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 3.51 and a beta of 1.00. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the prior year, the firm earned $1.06 EPS. The business’s quarterly revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.44%.

Analysts Set New Price Targets

Several brokerages have issued reports on OTIS. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, September 18th. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a research note on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a research note on Monday, July 14th. They set a “hold” rating and a $109.00 price objective on the stock. Royal Bank Of Canada dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Finally, Wells Fargo & Company increased their price target on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $103.88.

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.