Moran Wealth Management LLC Invests $10.06 Million in Otis Worldwide Corporation $OTIS

Moran Wealth Management LLC bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 109,986 shares of the company’s stock, valued at approximately $10,056,000.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Atlantic Union Bankshares Corp boosted its holdings in shares of Otis Worldwide by 48.2% in the second quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock valued at $5,752,000 after acquiring an additional 18,881 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Otis Worldwide by 11.6% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 50,066 shares of the company’s stock valued at $4,958,000 after acquiring an additional 5,200 shares during the period. Natixis raised its position in Otis Worldwide by 226.4% in the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after purchasing an additional 58,286 shares during the last quarter. Carnegie Investment Counsel boosted its stake in Otis Worldwide by 19.9% during the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after purchasing an additional 38,931 shares during the period. Finally, Canoe Financial LP grew its position in Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Down 1.7%

Shares of OTIS opened at $88.39 on Thursday. The stock’s 50 day moving average is $88.52 and its two-hundred day moving average is $90.38. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The firm has a market capitalization of $34.45 billion, a PE ratio of 26.07, a P/E/G ratio of 3.18 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period last year, the firm earned $0.96 EPS. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on OTIS shares. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Wall Street Zen upgraded Otis Worldwide from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Barclays increased their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, JPMorgan Chase & Co. increased their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $103.50.

About Otis Worldwide

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.