Silicon Valley Capital Partners Purchases Shares of 2,272 Otis Worldwide Corporation $OTIS

Silicon Valley Capital Partners acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,272 shares of the company’s stock, valued at approximately $232,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. Nuveen LLC acquired a new stake in shares of Otis Worldwide during the 1st quarter worth about $91,989,000. GAMMA Investing LLC increased its position in shares of Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock worth $84,701,000 after purchasing an additional 814,057 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after purchasing an additional 571,489 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $87.64 on Thursday. The company’s 50 day simple moving average is $90.77 and its 200 day simple moving average is $95.39. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm has a market capitalization of $34.39 billion, a price-to-earnings ratio of 23.18, a PEG ratio of 4.23 and a beta of 0.98.

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

Otis Worldwide Dividend Announcement

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

Analyst Ratings Changes

Several research firms have weighed in on OTIS. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a research report on Thursday, July 24th. JPMorgan Chase & Co. lowered their price objective on shares of Otis Worldwide from $109.00 to $101.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. Morgan Stanley raised their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Wolfe Research upgraded shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Two 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’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $102.50.

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.