Oxbow Advisors LLC Acquires Shares of 30,532 Otis Worldwide Corporation $OTIS

Oxbow Advisors LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 30,532 shares of the company’s stock, valued at approximately $3,023,000.

A number of other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 13.3% during the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after purchasing an additional 543,933 shares in the last quarter. Invesco Ltd. lifted its position in shares of Otis Worldwide by 4.7% during the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock valued at $437,424,000 after purchasing an additional 190,397 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after purchasing an additional 571,489 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 price objective for the company. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Morgan Stanley raised their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Stock Down 0.9%

OTIS opened at $90.64 on Friday. The company has a market capitalization of $35.57 billion, a price-to-earnings ratio of 23.98, a PEG ratio of 3.59 and a beta of 1.00. The firm has a 50-day moving average price of $88.85 and a 200-day moving average price of $93.42. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The company’s revenue was down .2% on a year-over-year basis. During the same quarter last year, the company earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

About Otis Worldwide

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.