Canandaigua National Bank & Trust Co. Has $2.35 Million Stock Position in Otis Worldwide Corporation $OTIS

Canandaigua National Bank & Trust Co. lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 0.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 23,718 shares of the company’s stock after selling 169 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Otis Worldwide were worth $2,349,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after buying an additional 110 shares during the last quarter. Graypoint LLC grew its holdings in Otis Worldwide by 3.4% in the 1st quarter. Graypoint LLC now owns 4,414 shares of the company’s stock valued at $456,000 after buying an additional 147 shares during the last quarter. Courier Capital LLC grew its holdings in shares of Otis Worldwide by 6.2% during the 1st quarter. Courier Capital LLC now owns 2,566 shares of the company’s stock worth $265,000 after purchasing an additional 150 shares in the last quarter. Venture Visionary Partners LLC grew its holdings in shares of Otis Worldwide by 0.7% during the 1st quarter. Venture Visionary Partners LLC now owns 22,254 shares of the company’s stock worth $2,297,000 after purchasing an additional 155 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Otis Worldwide by 16.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company’s stock worth $113,000 after purchasing an additional 158 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $89.12 on Monday. The stock has a fifty day moving average price of $90.36 and a two-hundred day moving average price of $95.21. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a market capitalization of $34.98 billion, a P/E ratio of 23.58, a P/E/G ratio of 4.28 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the company posted $1.06 earnings per share. The business’s revenue for the quarter was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 44.44%.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent research reports. Wolfe Research raised Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. Royal Bank Of Canada decreased their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating on the stock in a report on Thursday, July 24th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating on the stock in a report on Thursday, July 24th. Finally, Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, July 24th. Two 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $102.50.

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.