Canandaigua National Trust Co of Florida Acquires New Holdings in Otis Worldwide Corporation $OTIS

Canandaigua National Trust Co of Florida bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, HoldingsChannel reports. The firm bought 12,448 shares of the company’s stock, valued at approximately $801,000.

Other hedge funds have also recently bought and sold shares of the company. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the second quarter valued at approximately $27,000. Reflection Asset Management acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $34,000. MidFirst Bank acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $35,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Otis Worldwide in the 2nd quarter valued at $28,000. Finally, Elevation Wealth Partners LLC lifted its position in Otis Worldwide by 1,910.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after acquiring an additional 382 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Otis Worldwide stock traded down $0.69 during mid-day trading on Wednesday, reaching $65.76. The company’s stock had a trading volume of 3,028,533 shares, compared to its average volume of 3,873,673. The company has a market capitalization of $25.03 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. Otis Worldwide Corporation has a 12 month low of $63.58 and a 12 month high of $94.57. The business’s 50 day simple moving average is $70.14 and its 200 day simple moving average is $72.99.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The firm had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the firm posted $1.05 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 14th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.7%. Otis Worldwide’s payout ratio is currently 45.24%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company assumed coverage on Otis Worldwide in a report on Thursday, September 24th. They set an “underweight” rating and a $77.00 target price for the company. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Evercore reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Sanford C. Bernstein reiterated an “outperform” rating on shares of Otis Worldwide in a report on Monday, September 21st. Finally, Morgan Stanley set a $75.00 target price on Otis Worldwide in a research report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $92.64.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.