12,653 Shares in Otis Worldwide Corporation $OTIS Acquired by Perigon Wealth Management LLC

Perigon Wealth Management LLC acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 12,653 shares of the company’s stock, valued at approximately $906,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter valued at about $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Otis Worldwide during the second quarter worth about $423,739,000. Bank of New York Mellon Corp purchased a new stake in shares of Otis Worldwide during the second quarter worth approximately $196,298,000. Millennium Management LLC increased its stake in shares of Otis Worldwide by 1,047.0% during the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock worth $208,545,000 after buying an additional 2,179,314 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Otis Worldwide by 97.9% in the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock valued at $349,626,000 after acquiring an additional 1,979,819 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on OTIS shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Sanford C. Bernstein dropped their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research note on Tuesday, July 28th. UBS Group set a $105.00 price target on Otis Worldwide in a research note on Thursday, April 23rd. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $92.91.

Otis Worldwide Stock Performance

NYSE OTIS opened at $70.50 on Wednesday. The firm’s fifty day moving average is $72.54 and its two-hundred day moving average is $77.86. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The firm has a market cap of $26.84 billion, a PE ratio of 18.12, a P/E/G ratio of 2.56 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the firm earned $1.05 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio is 45.24%.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.