Ballentine Partners LLC Has $792,000 Stock Position in Otis Worldwide Corporation $OTIS

Ballentine Partners LLC grew its position in Otis Worldwide Corporation (NYSE:OTIS) by 38.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 7,999 shares of the company’s stock after buying an additional 2,242 shares during the period. Ballentine Partners LLC’s holdings in Otis Worldwide were worth $792,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Fifth Third Bancorp grew its stake in shares of Otis Worldwide by 8.5% during the second quarter. Fifth Third Bancorp now owns 16,369 shares of the company’s stock worth $1,621,000 after purchasing an additional 1,282 shares during the period. Ridgewood Investments LLC grew its stake in shares of Otis Worldwide by 79.9% during the second quarter. Ridgewood Investments LLC now owns 10,191 shares of the company’s stock worth $1,009,000 after purchasing an additional 4,525 shares during the period. Farmers & Merchants Investments Inc. grew its stake in shares of Otis Worldwide by 6.9% during the second quarter. Farmers & Merchants Investments Inc. now owns 44,345 shares of the company’s stock worth $4,391,000 after purchasing an additional 2,861 shares during the period. Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide during the second quarter worth $45,000. Finally, Park Avenue Securities LLC grew its stake in shares of Otis Worldwide by 0.8% during the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock worth $1,374,000 after purchasing an additional 104 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of analyst reports. Zacks Research cut Otis Worldwide from a “hold” rating to a “strong sell” rating in a research note on Monday, September 15th. Wolfe Research raised Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $101.00 to $105.00 and gave the company an “overweight” rating in a research note on Thursday, September 18th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 target price for the company. Finally, Morgan Stanley boosted their target price on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.00.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $90.33 on Friday. The firm has a market cap of $35.45 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 4.30 and a beta of 0.98. The stock’s 50-day moving average is $88.29 and its 200-day moving average is $94.46. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

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

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s payout ratio is 44.44%.

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.