Cerity Partners LLC Acquires 8,455 Shares of Otis Worldwide Corporation $OTIS

Cerity Partners LLC grew its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 341,824 shares of the company’s stock after acquiring an additional 8,455 shares during the period. Cerity Partners LLC owned 0.09% of Otis Worldwide worth $33,847,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Chicago Partners Investment Group LLC bought a new stake in Otis Worldwide in the first quarter worth $264,000. Zions Bancorporation National Association UT bought a new stake in shares of Otis Worldwide during the 1st quarter worth about $73,000. Townsquare Capital LLC increased its holdings in shares of Otis Worldwide by 18.1% during the 1st quarter. Townsquare Capital LLC now owns 8,298 shares of the company’s stock valued at $856,000 after acquiring an additional 1,272 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Otis Worldwide in the 1st quarter valued at approximately $7,336,000. Finally, Covestor Ltd raised its stake in shares of Otis Worldwide by 443.6% in the 1st quarter. Covestor Ltd now owns 1,283 shares of the company’s stock valued at $132,000 after acquiring an additional 1,047 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the topic of several analyst reports. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 1st. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Finally, Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $103.71.

Otis Worldwide Price Performance

NYSE:OTIS opened at $86.08 on Tuesday. The stock has a market cap of $33.55 billion, a P/E ratio of 25.39, a PEG ratio of 3.29 and a beta of 1.01. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a fifty day moving average price of $90.02 and a 200 day moving average price of $91.52.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the business posted $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s payout ratio is currently 49.56%.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’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 sale, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.