Laurel Wealth Advisors LLC Grows Stock Position in Otis Worldwide Corporation $OTIS

Laurel Wealth Advisors LLC raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 10,342.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 264,186 shares of the company’s stock after purchasing an additional 261,656 shares during the period. Laurel Wealth Advisors LLC’s holdings in Otis Worldwide were worth $26,160,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Cheviot Value Management LLC purchased a new stake in Otis Worldwide in the 1st quarter valued at about $31,000. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide in the second quarter worth approximately $31,000. Nemes Rush Group LLC grew its holdings in Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Flaharty Asset Management LLC acquired a new position in Otis Worldwide during the first quarter worth approximately $38,000. Finally, MTM Investment Management LLC purchased a new position in Otis Worldwide during the second quarter worth approximately $40,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on OTIS shares. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Barclays boosted their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. raised 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, October 15th. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Wednesday, November 19th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $103.71.

Otis Worldwide Stock Performance

NYSE OTIS opened at $88.44 on Wednesday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a 50-day simple moving average of $90.41 and a 200-day simple moving average of $92.17. The firm has a market capitalization of $34.47 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 3.31 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. Otis Worldwide’s quarterly 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. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s payout ratio is currently 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.