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

Pallas Capital Advisors LLC acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 11,809 shares of the company’s stock, valued at approximately $846,000.

A number of other hedge funds have also modified their holdings of OTIS. Camelot Portfolios LLC purchased a new stake in Otis Worldwide in the 4th quarter valued at $26,000. Garton & Associates Financial Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter worth $27,000. Elevation Wealth Partners LLC grew 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 purchasing an additional 382 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in Otis Worldwide in the fourth quarter valued at $33,000. Finally, Reflection Asset Management purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at about $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. UBS Group set a $105.00 price target on Otis Worldwide in a report on Thursday, April 23rd. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research note on Tuesday, July 28th. Sanford C. Bernstein decreased their price objective on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Morgan Stanley set a $75.00 target price on Otis Worldwide in a research note on Monday, August 10th. Finally, Barclays dropped their target price on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $92.91.

Otis Worldwide Trading Down 0.1%

Shares of OTIS stock opened at $70.50 on Wednesday. The stock has a 50 day simple moving average of $72.54 and a 200-day simple moving average of $77.86. The company has a market cap of $26.84 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 2.56 and a beta of 0.89. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. The firm 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%.Otis Worldwide’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide 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.