Mengis Capital Management Inc. Buys Shares of 2,650 Otis Worldwide Corporation $OTIS

Mengis Capital Management Inc. bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,650 shares of the company’s stock, valued at approximately $262,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. NBC Securities Inc. purchased a new stake in Otis Worldwide in the first quarter valued at approximately $25,000. Wayfinding Financial LLC purchased a new stake in Otis Worldwide in the first quarter valued at approximately $31,000. Cheviot Value Management LLC purchased a new stake in Otis Worldwide in the first quarter valued at approximately $31,000. Flaharty Asset Management LLC purchased a new stake in Otis Worldwide in the first quarter valued at approximately $38,000. Finally, Toth Financial Advisory Corp purchased a new stake in Otis Worldwide in the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on OTIS. Morgan Stanley upped their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Wells Fargo & Company upped their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Thursday, July 24th. Finally, JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a research report on Thursday, September 18th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $103.88.

Otis Worldwide Price Performance

NYSE:OTIS opened at $89.73 on Friday. The firm has a market capitalization of $35.22 billion, a PE ratio of 23.74, a price-to-earnings-growth ratio of 3.58 and a beta of 1.00. The business’s fifty day moving average price is $88.42 and its 200 day moving average price is $93.84. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

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

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide’s dividend payout ratio is 44.44%.

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.