Coerente Capital Management Purchases 47,848 Shares of Otis Worldwide Corporation $OTIS

Coerente Capital Management boosted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 26.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 227,914 shares of the company’s stock after purchasing an additional 47,848 shares during the period. Otis Worldwide accounts for approximately 3.3% of Coerente Capital Management’s portfolio, making the stock its 17th largest holding. Coerente Capital Management’s holdings in Otis Worldwide were worth $17,568,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Stance Capital LLC bought a new position in Otis Worldwide in the third quarter valued at approximately $27,000. Camelot Portfolios LLC bought a new stake in Otis Worldwide during the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $27,000. Elevation Wealth Partners LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Otis Worldwide in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $71.88 on Wednesday. The firm has a 50-day moving average of $74.17 and a 200-day moving average of $82.34. The company has a market cap of $27.58 billion, a P/E ratio of 19.12, a P/E/G ratio of 2.36 and a beta of 0.91. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.42.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same period in the previous year, the business earned $0.92 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, research analysts expect that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, May 15th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s dividend payout ratio (DPR) is presently 46.81%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. Sanford C. Bernstein began coverage on Otis Worldwide in a report on Tuesday, June 9th. They set an “outperform” rating and a $97.00 price target for the company. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Evercore began coverage on shares of Otis Worldwide in a research report on Monday, April 13th. They set an “outperform” rating and a $100.00 price objective for the company. Weiss Ratings lowered Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Finally, Barclays dropped their target price on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $97.58.

Otis Worldwide Company Profile

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.