Bessemer Group Inc. Raises Stock Position in Otis Worldwide Corporation $OTIS

Bessemer Group Inc. raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 12.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,282 shares of the company’s stock after buying an additional 1,817 shares during the period. Bessemer Group Inc.’s holdings in Otis Worldwide were worth $1,613,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Wayfinding Financial LLC purchased a new stake in Otis Worldwide during the first quarter valued at $31,000. Chilton Capital Management LLC purchased a new position in Otis Worldwide in the second quarter worth about $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at about $38,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $45,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $92.57 on Friday. The company has a market capitalization of $36.33 billion, a P/E ratio of 27.31, a P/E/G ratio of 3.63 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The firm’s 50 day simple moving average is $89.70 and its two-hundred day simple moving average is $93.11.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Morgan Stanley boosted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. raised their target price on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.88.

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.