Kingsview Wealth Management LLC Has $817,000 Stock Position in Otis Worldwide Corporation $OTIS

Kingsview Wealth Management LLC raised its stake in Otis Worldwide Corporation (NYSE:OTIS) by 14.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,247 shares of the company’s stock after buying an additional 1,020 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Otis Worldwide were worth $817,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. IFP Advisors Inc lifted its position in Otis Worldwide by 559.8% in the 1st quarter. IFP Advisors Inc now owns 11,058 shares of the company’s stock valued at $1,141,000 after acquiring an additional 9,382 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of Otis Worldwide by 131.5% in the 1st quarter. Allianz Asset Management GmbH now owns 123,969 shares of the company’s stock valued at $12,794,000 after purchasing an additional 70,421 shares during the period. Crestwood Advisors Group LLC lifted its holdings in shares of Otis Worldwide by 17.7% in the first quarter. Crestwood Advisors Group LLC now owns 3,262 shares of the company’s stock valued at $337,000 after purchasing an additional 490 shares in the last quarter. Choreo LLC lifted its holdings in shares of Otis Worldwide by 5.0% in the first quarter. Choreo LLC now owns 18,511 shares of the company’s stock valued at $1,910,000 after purchasing an additional 884 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Otis Worldwide by 159.3% during the first quarter. Venturi Wealth Management LLC now owns 2,404 shares of the company’s stock worth $248,000 after buying an additional 1,477 shares during the period. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OTIS. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research 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 company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $103.71.

Otis Worldwide Trading Up 0.3%

NYSE OTIS opened at $86.86 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a 50 day moving average of $90.50 and a 200-day moving average of $92.43. The company has a market cap of $33.85 billion, a PE ratio of 25.62, a PEG ratio of 3.30 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.