Sone Capital Management LLC Invests $622,000 in Otis Worldwide Corporation $OTIS

Sone Capital Management LLC bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 8,693 shares of the company’s stock, valued at approximately $622,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Camelot Portfolios LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. MidFirst Bank acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at $28,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Otis Worldwide by 1,910.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after purchasing an additional 382 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $72.18 on Tuesday. The business’s 50-day simple moving average is $72.64 and its 200-day simple moving average is $77.45. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The stock has a market capitalization of $27.48 billion, a P/E ratio of 18.56, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89.

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

Otis Worldwide Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.4%. Otis Worldwide’s payout ratio is currently 45.24%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on OTIS shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research note on Tuesday, July 28th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein lowered their price objective on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Finally, Evercore reiterated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Four equities research 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, the stock has a consensus rating of “Hold” and a consensus price target of $92.91.

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.