Canoe Financial LP has increased its stake in
Otis Worldwide Corporation, signaling a strong vote of confidence in the company. This follows on the heels of a variety of investment companies, including
Sagespring Wealth Partners LLC and
Investment Research & Advisory Group Inc, boosting their holdings in the elevator manufacturer, with several other investment firms initiating stakes, including QRG Capital Management Inc. and Quintet Private Bank Europe S.A. Meanwhile, elevators at notable landmarks such as the
Space Needle now feature Otis's double-deck, panoramic glass elevator. However, potential red flags include a recent accusation of false billing resulting in a $617,000 fine in Tennessee, coupled with a $1.6 million fine to close an anti-trust probe in Italy. A decline in shares has been reported due to fewer Chinese orders as a result of tariffs, leading to a reported 31% dip in 1Q profits. Despite these hiccups, Otis's Q1 earnings have exceeded estimates, though sales fell short of projections. The company has updated its bylaws to ease shareholder actions and also increased quarterly dividends by 8%. The outlook on Otis remains cautiously optimistic, with a mixed bag of strengths and weaknesses.
Otis Worldwide Corporation OTIS News Analytics from Thu, 10 Oct 2024 07:00:00 GMT to Sat, 21 Jun 2025 09:55:10 GMT -
Rating 7
- Innovation 1
- Information 8
- Rumor -2
