EFG Asset Management Americas Corp. Purchases 4,432 Shares of Otis Worldwide Corporation $OTIS

EFG Asset Management Americas Corp. boosted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 10.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 48,837 shares of the company’s stock after acquiring an additional 4,432 shares during the quarter. EFG Asset Management Americas Corp.’s holdings in Otis Worldwide were worth $4,836,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cheviot Value Management LLC purchased a new position in shares of Otis Worldwide in the first quarter valued at about $31,000. Chilton Capital Management LLC bought a new stake in shares of Otis Worldwide in the second quarter worth about $31,000. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide in the first quarter worth about $38,000. MTM Investment Management LLC purchased a new position in Otis Worldwide during the 2nd quarter valued at about $40,000. Finally, Toth Financial Advisory Corp purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $86.55 on Thursday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm has a 50-day moving average of $90.55 and a 200 day moving average of $92.47. The stock has a market cap of $33.73 billion, a P/E ratio of 25.53, a price-to-earnings-growth ratio of 3.34 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter last year, the firm earned $0.96 earnings per share. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

Analysts Set New Price Targets

A number of analysts recently commented on OTIS shares. Barclays raised their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Royal Bank Of Canada decreased their price objective 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. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $103.71.

Insider Activity

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

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.