28,627 Shares in Otis Worldwide Corporation $OTIS Bought by Lecap Asset Management Ltd.

Lecap Asset Management Ltd. acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, Holdings Channel reports. The firm acquired 28,627 shares of the company’s stock, valued at approximately $2,835,000. Otis Worldwide accounts for about 1.0% of Lecap Asset Management Ltd.’s holdings, making the stock its 10th largest holding.

Several other hedge funds also recently added to or reduced their stakes in OTIS. Park Avenue Securities LLC raised its position in Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Otis Worldwide by 15.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock worth $85,000 after acquiring an additional 110 shares in the last quarter. PFG Investments LLC boosted its position in shares of Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after acquiring an additional 121 shares in the last quarter. Bennett Selby Investments LP boosted its position in shares of Otis Worldwide by 6.0% during the 2nd quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock worth $228,000 after acquiring an additional 130 shares in the last quarter. Finally, Graypoint LLC boosted its position in shares of 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 purchasing an additional 147 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research analyst reports. Zacks Research cut Otis Worldwide from a “hold” rating to a “strong sell” rating in a research report on Monday, September 15th. Royal Bank Of Canada cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective for the company. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, September 18th. Finally, Morgan Stanley increased their price objective 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 issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $103.00.

Otis Worldwide Trading Up 1.0%

Shares of Otis Worldwide stock opened at $92.36 on Thursday. The business’s fifty day moving average price is $88.03 and its 200 day moving average price is $94.29. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock has a market capitalization of $36.25 billion, a P/E ratio of 24.43, a PEG ratio of 4.40 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating 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 company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period last year, the company posted $1.06 earnings per share. The firm’s revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current 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 issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s payout ratio is currently 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.