Ashton Thomas Securities LLC Buys New Position in Otis Worldwide Corporation $OTIS

Ashton Thomas Securities LLC bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 19,246 shares of the company’s stock, valued at approximately $1,760,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Exencial Wealth Advisors LLC lifted its stake in shares of Otis Worldwide by 5.3% during the third quarter. Exencial Wealth Advisors LLC now owns 4,686 shares of the company’s stock valued at $428,000 after buying an additional 234 shares during the period. Concurrent Investment Advisors LLC raised its holdings in Otis Worldwide by 23.4% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 9,087 shares of the company’s stock valued at $831,000 after acquiring an additional 1,721 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in shares of Otis Worldwide by 14.5% during the 3rd quarter. TD Private Client Wealth LLC now owns 5,602 shares of the company’s stock worth $512,000 after purchasing an additional 711 shares during the period. Quent Capital LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $121,000. Finally, Nordea Investment Management AB boosted its holdings in shares of Otis Worldwide by 11.1% during the third quarter. Nordea Investment Management AB now owns 71,327 shares of the company’s stock worth $6,515,000 after purchasing an additional 7,120 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $103.50.

Otis Worldwide Trading Up 0.3%

Shares of OTIS stock opened at $89.75 on Wednesday. The company has a market cap of $34.98 billion, a PE ratio of 26.47, a P/E/G ratio of 3.15 and a beta of 1.02. The company’s fifty day simple moving average is $88.40 and its 200-day simple moving average is $90.13. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is 49.56%.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

About Otis Worldwide

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.