Pallas Capital Advisors LLC Invests $846,000 in Otis Worldwide Corporation $OTIS

Pallas Capital Advisors LLC purchased a new position in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, HoldingsChannel reports. The fund purchased 11,809 shares of the company’s stock, valued at approximately $846,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Camelot Portfolios LLC purchased a new stake in Otis Worldwide during the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $27,000. Elevation Wealth Partners LLC increased its position in shares of Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after buying an additional 382 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $33,000. Finally, Reflection Asset Management acquired a new position in shares of Otis Worldwide during the 4th quarter worth $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.1%

Shares of NYSE:OTIS opened at $70.50 on Wednesday. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $94.57. The stock’s fifty day simple moving average is $72.54 and its 200-day simple moving average is $77.86. The company has a market capitalization of $26.84 billion, a P/E ratio of 18.12, a P/E/G ratio of 2.56 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.24%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research report on Tuesday, July 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research report on Thursday, April 23rd. Finally, Sanford C. Bernstein dropped their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.91.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.