Cibc World Market Inc. Makes New $3.04 Million Investment in Otis Worldwide Corporation $OTIS

Cibc World Market Inc. bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, Holdings Channel reports. The firm bought 42,513 shares of the company’s stock, valued at approximately $3,044,000.

Several other large investors have also modified their holdings of the stock. Camelot Portfolios LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC acquired a new position in Otis Worldwide in the 4th quarter valued at $27,000. MidFirst Bank purchased a new position in Otis Worldwide during the 2nd quarter worth $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter worth $28,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of Otis Worldwide by 1,910.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after acquiring an additional 382 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $72.42 on Thursday. The stock has a market cap of $27.57 billion, a P/E ratio of 18.62, a P/E/G ratio of 2.52 and a beta of 0.89. The stock’s 50 day simple moving average is $72.60 and its 200 day simple moving average is $77.19. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57.

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

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.24%.

Analysts Set New Price Targets

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

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.