Transcend Capital Advisors LLC Purchases New Holdings in Otis Worldwide Corporation $OTIS

Transcend Capital Advisors LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 3,265 shares of the company’s stock, valued at approximately $323,000.

A number of other large investors also recently bought and sold shares of the business. Cobblestone Capital Advisors LLC NY lifted its position in Otis Worldwide by 7.6% during the 2nd quarter. Cobblestone Capital Advisors LLC NY now owns 2,673 shares of the company’s stock valued at $265,000 after acquiring an additional 189 shares during the period. Bessemer Group Inc. lifted its position in Otis Worldwide by 12.6% during the 2nd quarter. Bessemer Group Inc. now owns 16,282 shares of the company’s stock valued at $1,613,000 after acquiring an additional 1,817 shares during the period. Chilton Capital Management LLC purchased a new position in Otis Worldwide during the 2nd quarter valued at about $31,000. Nisa Investment Advisors LLC lifted its position in Otis Worldwide by 3.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 120,306 shares of the company’s stock valued at $11,913,000 after acquiring an additional 3,619 shares during the period. Finally, Resonant Capital Advisors LLC lifted its position in Otis Worldwide by 8.6% during the 2nd quarter. Resonant Capital Advisors LLC now owns 4,019 shares of the company’s stock valued at $398,000 after acquiring an additional 318 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 2.2%

OTIS opened at $93.31 on Thursday. The firm has a 50 day moving average price of $89.60 and a 200-day moving average price of $93.11. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock has a market capitalization of $36.62 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 3.58 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the previous year, the firm posted $0.96 EPS. The firm’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. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Barclays decreased their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, July 24th. Finally, Wells Fargo & Company lifted their target price 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. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average target price of $104.63.

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.