Otis Worldwide Corporation $OTIS Shares Purchased by Clarendon Private LLC

Clarendon Private LLC boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 26.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,143 shares of the company’s stock after purchasing an additional 1,291 shares during the quarter. Clarendon Private LLC’s holdings in Otis Worldwide were worth $608,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in OTIS. Berkshire Money Management Inc. increased its stake in Otis Worldwide by 5.0% during the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after acquiring an additional 100 shares during the last quarter. Park Avenue Securities LLC increased its stake in 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 acquiring an additional 104 shares during the last quarter. PFG Investments LLC increased its stake in Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after acquiring an additional 121 shares during the last quarter. MSH Capital Advisors LLC increased its stake in Otis Worldwide by 5.4% during the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock worth $234,000 after acquiring an additional 122 shares during the last quarter. Finally, Bennett Selby Investments LP increased its stake in Otis Worldwide by 6.0% during the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock worth $228,000 after acquiring an additional 130 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Zacks Research lowered Otis Worldwide from a “hold” rating to a “strong sell” rating in a research note on Monday, September 15th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research note on Monday, July 14th. They set a “hold” rating and a $109.00 price target for the company. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday. Barclays decreased their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $103.88.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $89.46 on Friday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The business has a 50-day moving average of $88.52 and a 200-day moving average of $93.70. The company has a market capitalization of $35.11 billion, a price-to-earnings ratio of 23.67, a PEG ratio of 3.51 and a beta of 1.00.

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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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