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

Hohimer Wealth Management LLC grew its stake in Otis Worldwide Corporation (NYSE:OTIS) by 116.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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.

Other large investors have also modified their holdings of the company. Orion Capital Management LLC purchased a new position in Otis Worldwide in the 2nd quarter valued at $27,000. MidFirst Bank purchased a new position in Otis Worldwide during the 2nd quarter worth $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Otis Worldwide during the 2nd quarter worth $28,000. Elevation Wealth Partners LLC raised its position in Otis Worldwide by 1,910.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after buying an additional 382 shares during the last quarter. Finally, Addison Advisors LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter worth $29,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. Sanford C. Bernstein lifted their target price on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, October 29th. Evercore reissued an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research report on Monday, August 10th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating on the stock in a report on Thursday, October 29th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $91.20.

Otis Worldwide Trading Up 0.1%

Shares of OTIS opened at $79.02 on Monday. Otis Worldwide Corporation has a twelve month low of $63.58 and a twelve month high of $94.57. The firm has a market capitalization of $30.08 billion, a P/E ratio of 19.66, a PEG ratio of 2.86 and a beta of 0.87. The firm’s 50-day moving average is $70.37 and its two-hundred day moving average is $76.16.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.04. The company had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.05 EPS. Analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Insiders Place Their Bets

In other Otis Worldwide news, insider Joseph Armas sold 835 shares of the company’s stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the sale, the insider owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. This represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.