Otis Worldwide Corporation $OTIS Stock: Hohimer Wealth Management LLC Grows Position

Hohimer Wealth Management LLC raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 116.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,598 shares of the company’s stock after purchasing an additional 35,336 shares during the period. Hohimer Wealth Management LLC’s holdings in Otis Worldwide were worth $4,219,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Otis Worldwide in the 2nd quarter worth about $2,264,017,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Otis Worldwide during the second quarter worth about $423,739,000. Canada Pension Plan Investment Board purchased a new stake in shares of Otis Worldwide in the second quarter worth about $223,003,000. Bank of New York Mellon Corp purchased a new stake in shares of Otis Worldwide in the second quarter worth about $196,298,000. Finally, Bank of America Corp DE acquired a new stake in shares of Otis Worldwide in the second quarter valued at about $189,233,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In related news, insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the sale, the insider owned 2,155 shares in the company, valued at approximately $167,529.70. The trade was a 27.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Otis Worldwide Stock Up 0.1%

Shares of NYSE OTIS opened at $79.02 on Monday. Otis Worldwide Corporation has a fifty-two week low of $63.58 and a fifty-two week high of $94.57. The business has a 50 day moving average price of $70.37 and a two-hundred day moving average price of $76.16. The firm has a market cap of $30.08 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 2.86 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The company had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.85 billion. During the same period in the previous year, the business earned $1.05 EPS. Otis Worldwide’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Evercore reiterated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Wells Fargo & Company decreased their price target on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, October 29th. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research report on Monday, August 10th. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research report on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $91.20.

About Otis Worldwide

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems.

The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

Founded by Elisha Otis in 1853, Otis became an independent public company in 2020 after separating from United Technologies.