36,663 Shares in Otis Worldwide Corporation $OTIS Acquired by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 36,663 shares of the company’s stock, valued at approximately $2,625,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bangor Savings Bank grew its position in shares of Otis Worldwide by 44.3% during the 2nd quarter. Bangor Savings Bank now owns 1,589 shares of the company’s stock worth $114,000 after buying an additional 488 shares during the period. Versant Capital Management Inc lifted its position in shares of Otis Worldwide by 177.6% during the 2nd quarter. Versant Capital Management Inc now owns 4,752 shares of the company’s stock valued at $340,000 after acquiring an additional 3,040 shares during the period. CX Institutional boosted its stake in Otis Worldwide by 47.4% during the second quarter. CX Institutional now owns 6,886 shares of the company’s stock worth $493,000 after acquiring an additional 2,213 shares in the last quarter. Western Wealth Management LLC bought a new position in Otis Worldwide during the first quarter worth $961,000. Finally, Groupama Asset Managment boosted its stake in Otis Worldwide by 245.7% during the first quarter. Groupama Asset Managment now owns 9,848 shares of the company’s stock worth $759,000 after acquiring an additional 6,999 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research analyst reports. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research note on Friday, April 24th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. UBS Group set a $105.00 target price on Otis Worldwide in a research report on Thursday, April 23rd. Finally, Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research note on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $94.09.

Otis Worldwide Price Performance

NYSE:OTIS opened at $73.68 on Wednesday. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The company has a market cap of $28.05 billion, a PE ratio of 18.94, a PEG ratio of 2.56 and a beta of 0.89. The firm has a 50-day moving average of $72.08 and a 200-day moving average of $79.07.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the company posted $1.05 earnings per share. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities research analysts expect that Otis Worldwide Corporation will post 4 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide Profile

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.