Perigon Wealth Management LLC Purchases Shares of 12,653 Otis Worldwide Corporation $OTIS

Perigon Wealth Management LLC bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 12,653 shares of the company’s stock, valued at approximately $906,000.

Other large investors have also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. raised its stake in Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Otis Worldwide by 0.6% during the 4th quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock worth $248,417,000 after purchasing an additional 18,189 shares during the last quarter. Lazard Freres Gestion S.A.S. boosted its stake in shares of Otis Worldwide by 21.9% during the 4th quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock worth $114,355,000 after purchasing an additional 235,316 shares during the last quarter. Danske Bank A S grew its holdings in shares of Otis Worldwide by 13.3% during the fourth quarter. Danske Bank A S now owns 225,994 shares of the company’s stock worth $19,741,000 after buying an additional 26,500 shares in the last quarter. Finally, Banco Santander S.A. grew its holdings in shares of Otis Worldwide by 1,153.2% during the second quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock worth $7,608,000 after buying an additional 97,778 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several analyst reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on Otis Worldwide in a research note on Monday, August 10th. Barclays reduced their target price 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, Sanford C. Bernstein decreased their price target on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $92.91.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $70.50 on Wednesday. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57. The business has a 50-day moving average of $72.54 and a 200-day moving average of $77.86. The company has a market capitalization of $26.84 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 2.56 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.Otis Worldwide’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) 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.