Canandaigua National Trust Co of Florida Purchases 12,448 Shares of Otis Worldwide Corporation $OTIS

Canandaigua National Trust Co of Florida purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 12,448 shares of the company’s stock, valued at approximately $801,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Icon Wealth Advisors LLC raised its holdings in Otis Worldwide by 7.8% during the 4th quarter. Icon Wealth Advisors LLC now owns 2,260 shares of the company’s stock worth $201,000 after purchasing an additional 163 shares during the last quarter. Turtle Creek Wealth Advisors LLC boosted its stake in shares of Otis Worldwide by 1.9% in the 1st quarter. Turtle Creek Wealth Advisors LLC now owns 9,086 shares of the company’s stock valued at $700,000 after purchasing an additional 169 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Otis Worldwide by 1.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 17,871 shares of the company’s stock worth $1,280,000 after buying an additional 169 shares during the period. Kestra Private Wealth Services LLC grew its position in shares of Otis Worldwide by 2.5% during the 1st quarter. Kestra Private Wealth Services LLC now owns 7,102 shares of the company’s stock worth $547,000 after buying an additional 170 shares during the period. Finally, Washington Trust Advisors Inc. grew its position in shares of Otis Worldwide by 8.0% during the 2nd quarter. Washington Trust Advisors Inc. now owns 2,567 shares of the company’s stock worth $184,000 after buying an additional 190 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein restated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, September 21st. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Wells Fargo & Company assumed coverage on Otis Worldwide in a report on Thursday, September 24th. They issued an “underweight” rating and a $77.00 price objective for the company. Finally, Evercore restated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.64.

Otis Worldwide Stock Performance

NYSE:OTIS traded down $0.69 during trading hours on Wednesday, hitting $65.76. The stock had a trading volume of 3,028,533 shares, compared to its average volume of 3,873,673. The business’s 50 day moving average is $70.14 and its 200-day moving average is $72.99. The company has a market cap of $25.03 billion, a price-to-earnings ratio of 16.91, a P/E/G ratio of 2.31 and a beta of 0.87. Otis Worldwide Corporation has a one year low of $63.58 and a one year high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the firm posted $1.05 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 14th were issued a dividend of $0.44 per share. The ex-dividend date was Friday, August 14th. This represents a $1.76 annualized dividend and a yield of 2.7%. Otis Worldwide’s payout ratio is currently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.