93,067 Shares of Otis Worldwide Corporation $OTIS Bought by Generate Investment Management Ltd

Generate Investment Management Ltd bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 93,067 shares of the company’s stock, valued at approximately $5,986,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OTIS. Cohen Capital Management Inc. increased its position in Otis Worldwide by 5.9% in the third quarter. Cohen Capital Management Inc. now owns 55,962 shares of the company’s stock worth $3,599,000 after buying an additional 3,100 shares during the period. Allied Investment Advisors LLC boosted its holdings in shares of Otis Worldwide by 10.4% during the third quarter. Allied Investment Advisors LLC now owns 166,248 shares of the company’s stock valued at $10,693,000 after acquiring an additional 15,713 shares during the period. NorthCrest Asset Manangement LLC boosted its holdings in shares of Otis Worldwide by 24.4% during the third quarter. NorthCrest Asset Manangement LLC now owns 8,709 shares of the company’s stock valued at $576,000 after acquiring an additional 1,711 shares during the period. Wedmont Private Capital grew its position in shares of Otis Worldwide by 17.1% during the third quarter. Wedmont Private Capital now owns 5,443 shares of the company’s stock worth $360,000 after acquiring an additional 796 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Otis Worldwide by 76.7% during the third quarter. GAMMA Investing LLC now owns 9,511 shares of the company’s stock worth $612,000 after acquiring an additional 4,129 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of OTIS traded up $1.29 during trading hours on Wednesday, reaching $68.97. 2,041,086 shares of the company’s stock traded hands, compared to its average volume of 3,877,243. The firm has a market capitalization of $26.25 billion, a price-to-earnings ratio of 17.74, a P/E/G ratio of 2.34 and a beta of 0.87. Otis Worldwide Corporation has a twelve month low of $63.58 and a twelve month high of $94.57. The business’s fifty day simple moving average is $69.52 and its two-hundred day simple moving average is $72.55.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. The business had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 14th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 14th. Otis Worldwide’s dividend payout ratio is currently 45.24%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. Wells Fargo & Company started coverage on shares of Otis Worldwide in a report on Thursday, September 24th. They issued an “underweight” rating and a $77.00 price objective on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Sanford C. Bernstein restated an “outperform” rating on shares of Otis Worldwide in a research note on Monday, September 21st. Evercore reaffirmed an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $91.00.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.