SummitTX Capital L.P. Invests $2.44 Million in Otis Worldwide Corporation $OTIS

SummitTX Capital L.P. purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 31,689 shares of the company’s stock, valued at approximately $2,443,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its position in Otis Worldwide by 5.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after acquiring an additional 123 shares in the last quarter. Boyd Watterson Asset Management LLC OH boosted its stake in Otis Worldwide by 4.0% during the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock valued at $281,000 after purchasing an additional 124 shares during the last quarter. Moors & Cabot Inc. increased its holdings in shares of Otis Worldwide by 2.7% in the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock worth $414,000 after purchasing an additional 126 shares in the last quarter. Composition Wealth LLC raised its stake in shares of Otis Worldwide by 4.2% in the fourth quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock worth $285,000 after purchasing an additional 131 shares during the last quarter. Finally, Stephens Inc. AR lifted its holdings in shares of Otis Worldwide by 2.6% during the fourth quarter. Stephens Inc. AR now owns 5,222 shares of the company’s stock valued at $456,000 after purchasing an additional 132 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $73.70 on Wednesday. The company has a market cap of $28.06 billion, a P/E ratio of 18.95, a price-to-earnings-growth ratio of 2.59 and a beta of 0.90. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The stock’s fifty day moving average price is $72.05 and its 200-day moving average price is $79.68.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. The company 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%.Otis Worldwide’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. Otis Worldwide’s dividend payout ratio is presently 45.24%.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent analyst reports. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday. Wells Fargo & Company decreased their target price on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. Evercore reaffirmed an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $94.09.

Otis Worldwide 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.