Davidson Investment Advisors Has $26.32 Million Position in Otis Worldwide Corporation $OTIS

Davidson Investment Advisors boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 60.7% during the third quarter, HoldingsChannel.com reports. The fund owned 287,918 shares of the company’s stock after purchasing an additional 108,759 shares during the period. Otis Worldwide accounts for 1.1% of Davidson Investment Advisors’ portfolio, making the stock its 27th largest holding. Davidson Investment Advisors’ holdings in Otis Worldwide were worth $26,324,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chilton Capital Management LLC bought a new stake in shares of Otis Worldwide in the 2nd quarter valued at approximately $31,000. Nemes Rush Group LLC lifted its position in shares of Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the period. Flaharty Asset Management LLC acquired a new stake in Otis Worldwide in the 1st quarter valued at $38,000. MTM Investment Management LLC bought a new stake in Otis Worldwide in the second quarter valued at $40,000. Finally, Toth Financial Advisory Corp bought a new stake in Otis Worldwide in the second quarter valued at $45,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.1%

Shares of NYSE OTIS opened at $88.33 on Friday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm’s 50-day simple moving average is $88.71 and its 200 day simple moving average is $90.54. The company has a market cap of $34.42 billion, a price-to-earnings ratio of 26.06, a price-to-earnings-growth ratio of 3.09 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share 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 issued a $0.42 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is currently 49.56%.

Analyst Ratings Changes

OTIS has been the subject of a number of analyst reports. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wall Street Zen raised shares of Otis Worldwide from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. JPMorgan Chase & Co. upped their price objective 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. Finally, Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $103.50.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

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.