Turtle Creek Wealth Advisors LLC Makes New $1.05 Million Investment in Otis Worldwide Corporation $OTIS

Turtle Creek Wealth Advisors LLC bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, Holdings Channel reports. The institutional investor bought 10,633 shares of the company’s stock, valued at approximately $1,053,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Farther Finance Advisors LLC grew its position in shares of Otis Worldwide by 106.3% during the first quarter. Farther Finance Advisors LLC now owns 2,845 shares of the company’s stock worth $296,000 after acquiring an additional 1,466 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Otis Worldwide by 18.8% during the first quarter. GAMMA Investing LLC now owns 7,953 shares of the company’s stock worth $821,000 after acquiring an additional 1,260 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Otis Worldwide by 4.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,644 shares of the company’s stock worth $3,266,000 after acquiring an additional 1,303 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in shares of Otis Worldwide by 16.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 2,697 shares of the company’s stock worth $278,000 after acquiring an additional 372 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of Otis Worldwide by 16.8% during the first quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company’s stock worth $113,000 after acquiring an additional 158 shares during the last quarter. 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 recent analyst reports. Royal Bank Of Canada decreased their target price 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. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday. Zacks Research lowered shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a research note on Monday, September 15th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Three investment 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Stock Performance

Shares of OTIS opened at $91.42 on Thursday. The firm has a market cap of $35.88 billion, a PE ratio of 24.19, a PEG ratio of 3.57 and a beta of 1.00. The firm’s 50 day moving average price is $88.78 and its 200 day moving average price is $93.51. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter last year, the firm earned $1.06 earnings per share. The company’s revenue for the quarter was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a $0.42 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.