Western Wealth Management LLC Takes $961,000 Position in Otis Worldwide Corporation $OTIS

Western Wealth Management LLC purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 1st quarter, HoldingsChannel reports. The firm purchased 12,471 shares of the company’s stock, valued at approximately $961,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Otis Worldwide during the fourth quarter valued at approximately $770,125,000. Millennium Management LLC increased its stake in shares of Otis Worldwide by 1,047.0% during the 4th quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock worth $208,545,000 after purchasing an additional 2,179,314 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Otis Worldwide by 97.9% during the 4th quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock worth $349,626,000 after purchasing an additional 1,979,819 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after purchasing an additional 1,445,904 shares in the last quarter. Finally, Scharf Investments LLC bought a new stake in Otis Worldwide in the third quarter worth $73,200,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Sanford C. Bernstein lowered their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Evercore reiterated an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Barclays lowered their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. Finally, Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a report on Tuesday, July 28th. Four research 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 MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $94.09.

Otis Worldwide Trading Up 0.0%

NYSE:OTIS opened at $71.98 on Monday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The firm’s fifty day simple moving average is $72.08 and its 200 day simple moving average is $79.31. The firm has a market capitalization of $27.40 billion, a PE ratio of 18.50, a PEG ratio of 2.55 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The business’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, analysts anticipate that Otis Worldwide Corporation will post 4 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. Otis Worldwide’s payout ratio is presently 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.