Investment Advisory Services Inc. TX ADV Acquires 320 Shares of Otis Worldwide Corporation $OTIS

Investment Advisory Services Inc. TX ADV raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 6.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,514 shares of the company’s stock after buying an additional 320 shares during the quarter. Investment Advisory Services Inc. TX ADV’s holdings in Otis Worldwide were worth $546,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after buying an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. raised its position in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares during the last quarter. Nuveen LLC bought a new position in Otis Worldwide during the 1st quarter valued at approximately $91,989,000. GAMMA Investing LLC raised its position in Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock valued at $84,701,000 after purchasing an additional 814,057 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after acquiring an additional 571,489 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on OTIS. Royal Bank Of Canada decreased their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Barclays cut their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research note on Thursday, July 24th. Wolfe Research upgraded Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research note on Friday, July 25th. Morgan Stanley raised their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $103.00.

Otis Worldwide Stock Up 1.0%

NYSE:OTIS opened at $90.33 on Monday. The business’s 50-day simple moving average is $88.29 and its two-hundred day simple moving average is $94.38. The stock has a market cap of $35.45 billion, a PE ratio of 23.90, a P/E/G ratio of 4.35 and a beta of 0.98. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. The firm had revenue of $3.60 billion during 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 business’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the business posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

About Otis Worldwide

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.