Otis Worldwide Corporation $OTIS Shares Acquired by Modera Wealth Management LLC

Modera Wealth Management LLC increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 7.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 70,487 shares of the company’s stock after buying an additional 4,824 shares during the quarter. Modera Wealth Management LLC’s holdings in Otis Worldwide were worth $6,980,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Chilton Capital Management LLC acquired a new stake in Otis Worldwide during the 2nd quarter worth approximately $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at approximately $31,000. Flaharty Asset Management LLC purchased a new stake in shares of Otis Worldwide during the first quarter worth approximately $38,000. Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide during the second quarter worth $45,000. Finally, Ransom Advisory Ltd purchased a new position in Otis Worldwide in the 1st quarter valued at $48,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on OTIS. Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Wells Fargo & Company increased their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $104.88.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $91.09 on Friday. The firm has a market capitalization of $35.50 billion, a price-to-earnings ratio of 26.87, a price-to-earnings-growth ratio of 3.48 and a beta of 1.00. The business’s 50 day simple moving average is $90.17 and its 200-day simple moving average is $92.82. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. Otis Worldwide’s revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s dividend payout ratio is 49.56%.

Otis Worldwide Company 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.