Canandaigua National Bank & Trust Co. Acquires Shares of 36,663 Otis Worldwide Corporation $OTIS

Canandaigua National Bank & Trust Co. bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, HoldingsChannel reports. The fund bought 36,663 shares of the company’s stock, valued at approximately $2,625,000.

Other hedge funds also recently made changes to their positions in the company. Bangor Savings Bank boosted its holdings in shares of Otis Worldwide by 44.3% in the 2nd quarter. Bangor Savings Bank now owns 1,589 shares of the company’s stock worth $114,000 after buying an additional 488 shares during the last quarter. Versant Capital Management Inc increased its holdings in Otis Worldwide by 177.6% during the second quarter. Versant Capital Management Inc now owns 4,752 shares of the company’s stock worth $340,000 after buying an additional 3,040 shares during the last quarter. CX Institutional increased its holdings in Otis Worldwide by 47.4% during the second quarter. CX Institutional now owns 6,886 shares of the company’s stock worth $493,000 after buying an additional 2,213 shares during the last quarter. Western Wealth Management LLC bought a new stake in Otis Worldwide in the first quarter worth about $961,000. Finally, Groupama Asset Managment raised its position in Otis Worldwide by 245.7% in the first quarter. Groupama Asset Managment now owns 9,848 shares of the company’s stock worth $759,000 after acquiring an additional 6,999 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Up 2.1%

Otis Worldwide stock opened at $73.68 on Wednesday. The firm has a 50 day simple moving average of $72.08 and a 200 day simple moving average of $79.07. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57. The firm has a market capitalization of $28.05 billion, a price-to-earnings ratio of 18.94, a P/E/G ratio of 2.56 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the business posted $1.05 earnings per share. The business’s quarterly revenue was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. Otis Worldwide’s dividend payout ratio is 45.24%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Barclays lowered their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. UBS Group set a $105.00 price objective on Otis Worldwide in a research note on Thursday, April 23rd. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a report on Tuesday, July 28th. Finally, Sanford C. Bernstein decreased their target price 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. Four investment 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $94.09.

Otis Worldwide Company 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.