Western Wealth Management LLC Makes New Investment in Otis Worldwide Corporation $OTIS

Western Wealth Management LLC purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 11,462 shares of the company’s stock, valued at approximately $821,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Otis Worldwide in the 2nd quarter worth $2,264,017,000. Norges Bank bought a new stake in shares of Otis Worldwide during the 4th quarter worth $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $423,739,000. Canada Pension Plan Investment Board purchased a new position in Otis Worldwide in the second quarter worth $223,003,000. Finally, Bank of New York Mellon Corp purchased a new position in Otis Worldwide in the second quarter worth $196,298,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $71.56 on Wednesday. The stock’s 50-day moving average is $72.61 and its 200 day moving average is $77.32. The company has a market cap of $27.24 billion, a PE ratio of 18.40, a P/E/G ratio of 2.54 and a beta of 0.89. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. The business 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 quarter last year, the business posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.24%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OTIS shares. Sanford C. Bernstein lowered their price target on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a report on Tuesday, July 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Evercore reiterated an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.