HB Wealth Management LLC Purchases 10,701 Shares of Otis Worldwide Corporation $OTIS

HB Wealth Management LLC increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 93.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,190 shares of the company’s stock after buying an additional 10,701 shares during the period. HB Wealth Management LLC’s holdings in Otis Worldwide were worth $1,589,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in OTIS. BlackRock Inc. bought a new position in Otis Worldwide during the 2nd quarter worth about $2,264,017,000. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter valued at $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at $423,739,000. Canada Pension Plan Investment Board bought a new stake in Otis Worldwide during the second quarter valued at about $223,003,000. Finally, Bank of New York Mellon Corp bought a new stake in Otis Worldwide during the second quarter valued at about $196,298,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $69.38 on Thursday. Otis Worldwide Corporation has a fifty-two week low of $68.41 and a fifty-two week high of $94.57. The firm has a market capitalization of $26.41 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 2.47 and a beta of 0.88. The stock’s 50-day simple moving average is $72.28 and its 200-day simple moving average is $75.79.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. Otis Worldwide’s revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders 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 dividend yield of 2.5%. Otis Worldwide’s payout ratio is 45.24%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent research reports. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a report on Tuesday, July 28th. Sanford C. Bernstein cut their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a research report on Monday, August 10th. Finally, Evercore restated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $92.91.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.