Latest news with #OTIS
Yahoo
23-05-2025
- Business
- Yahoo
Space Needle Opens First Otis Double-Deck, Panoramic Glass Elevator
Elevator is first of three on site to be modernized with new Otis elevators SEATTLE, May 23, 2025 /PRNewswire/ -- A new, double-deck glass elevator from Otis opened for its first rides to passengers Friday as part of a new experience at the iconic Space Needle. Visitors to the tower can now soar above Seattle in a floor-to-ceiling glass, double-deck elevator, completely transforming the trip to the top. It's the first of three elevators on site that Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will modernize. The new, custom-built elevators will allow more people to fulfill the Space Needle's mission of bringing visitors to new heights for breathtaking views of Seattle, the Puget Sound and nearby Mount Rainier. This continues the longstanding relationship between the Space Needle and Otis. Otis installed the original elevators in 1962, modernized them in 1992, and has maintained them throughout. "The new elevator is more than a way up, it's a symbol of where we're headed," said Ron Sevart, Space Needle President & CEO. "This reinvestment reflects our commitment—to our Guests, our Team Members, and our community—to ensure the Space Needle remains a symbol of Seattle's innovative spirit for generations to come." "Otis is proud to be the company that iconic global projects like the Space Needle choose to safely transport visitors to breathtaking views and share once-in-a-lifetime experiences," said Joseph Armas, Otis President for the U.S. and Canada. "From day one, Otis has built, installed and continuously serviced the equipment at the Space Needle. Each year, we safely move more than 1 million people here." Advanced Technology When complete, the Space Needle will feature three modernized Otis SkyRise™ sightseeing elevators with the company's most advanced controllers and drives. Two double deck elevators will be able to move up to 46 passengers each in the custom-built cabs. The third elevator will remain a single deck. All will feature floor-to-ceiling glass windows that immerse visitors in the world around them as they rise 520 feet into the sky in less than 50 seconds. This is the first project in North America, and only the second in the world, to receive Otis' most powerful high rise SkyMotion™ 800 machines, designed to provide a smooth, efficient ride in the world's tallest buildings. The custom elevator cabs, designed by an aerospace manufacturer and built and assembled by Otis on site, reflect the vision of the Space Needle to capture humanity's space-age aspirations with the innovative and forward-thinking spirit of Seattle. This elevator modernization project is part of the Space Needle's Century Project renovation, which started in 2017, and included Otis installing a material lift and a custom-built accessibility lift on the upper floors of the tower. To learn more about Otis products and services, visit About OtisOtis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo. About the Space NeedleBuilt as the centerpiece and inspiration for the 1962 Seattle World's Fair, the Space Needle has since become a part of the Seattle experience and the globally recognized icon for the city. The Space Needle's recent $100 million renovation added more than 176 tons of glass to the structure offering unparalleled views of Seattle and introduced The Loupe—the world's first and only revolving glass floor. Open year round, the Space Needle hosts more than a million visitors per year. For more information visit: Media Contact:Katy Padgett+ View original content to download multimedia: SOURCE Otis Worldwide Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
23-05-2025
- Business
- Associated Press
Space Needle Opens First Otis Double-Deck, Panoramic Glass Elevator
Elevator is first of three on site to be modernized with new Otis elevators SEATTLE, May 23, 2025 /PRNewswire/ -- A new, double-deck glass elevator from Otis opened for its first rides to passengers Friday as part of a new experience at the iconic Space Needle. Visitors to the tower can now soar above Seattle in a floor-to-ceiling glass, double-deck elevator, completely transforming the trip to the top. It's the first of three elevators on site that Otis (NYSE: OTIS), the world's leading elevator and escalator manufacturing, installation and service company, will modernize. The new, custom-built elevators will allow more people to fulfill the Space Needle's mission of bringing visitors to new heights for breathtaking views of Seattle, the Puget Sound and nearby Mount Rainier. This continues the longstanding relationship between the Space Needle and Otis. Otis installed the original elevators in 1962, modernized them in 1992, and has maintained them throughout. 'The new elevator is more than a way up, it's a symbol of where we're headed,' said Ron Sevart, Space Needle President & CEO. 'This reinvestment reflects our commitment—to our Guests, our Team Members, and our community—to ensure the Space Needle remains a symbol of Seattle's innovative spirit for generations to come.' 'Otis is proud to be the company that iconic global projects like the Space Needle choose to safely transport visitors to breathtaking views and share once-in-a-lifetime experiences,' said Joseph Armas, Otis President for the U.S. and Canada. 'From day one, Otis has built, installed and continuously serviced the equipment at the Space Needle. Each year, we safely move more than 1 million people here.' Advanced Technology When complete, the Space Needle will feature three modernized Otis SkyRise™ sightseeing elevators with the company's most advanced controllers and drives. Two double deck elevators will be able to move up to 46 passengers each in the custom-built cabs. The third elevator will remain a single deck. All will feature floor-to-ceiling glass windows that immerse visitors in the world around them as they rise 520 feet into the sky in less than 50 seconds. This is the first project in North America, and only the second in the world, to receive Otis' most powerful high rise SkyMotion™ 800 machines, designed to provide a smooth, efficient ride in the world's tallest buildings. The custom elevator cabs, designed by an aerospace manufacturer and built and assembled by Otis on site, reflect the vision of the Space Needle to capture humanity's space-age aspirations with the innovative and forward-thinking spirit of Seattle. This elevator modernization project is part of the Space Needle's Century Project renovation, which started in 2017, and included Otis installing a material lift and a custom-built accessibility lift on the upper floors of the tower. To learn more about Otis products and services, visit About Otis Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation and servicing of elevators and escalators, we move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit and follow us on LinkedIn, Instagram and Facebook @OtisElevatorCo. About the Space Needle Built as the centerpiece and inspiration for the 1962 Seattle World's Fair, the Space Needle has since become a part of the Seattle experience and the globally recognized icon for the city. The Space Needle's recent $100 million renovation added more than 176 tons of glass to the structure offering unparalleled views of Seattle and introduced The Loupe—the world's first and only revolving glass floor. Open year round, the Space Needle hosts more than a million visitors per year. For more information visit: Media Contact: Katy Padgett +1-860-674-3047 [email protected] View original content to download multimedia: SOURCE Otis Worldwide Corporation
Yahoo
13-05-2025
- Business
- Yahoo
Otis Worldwide Corporation (OTIS) Surged Due to Its Low Exposure to Tariff
The London Company, an investment management company, released 'The London Company Mid Cap Strategy' first quarter 2025 investor letter. A copy of the letter can be downloaded here. After two years of robust earnings, US equities entered a correction territory in Q1. The portfolio declined 4.3% (-4.5%, net) during the quarter compared to a 3.4% decrease for the Russell Midcap Index. Sector exposure was a headwind to the strategy's relative performance in the quarter. In addition, you can check the fund's top 5 holdings to determine its best picks for 2025. In its first-quarter 2025 investor letter, The London Company Mid Cap Strategy highlighted stocks such as Otis Worldwide Corporation (NYSE:OTIS). Otis Worldwide Corporation (NYSE:OTIS) engages in the manufacturing, installation, and servicing of elevators and escalators. The one-month return of Otis Worldwide Corporation (NYSE:OTIS) was -1.26%, and its shares gained 0.49% of their value over the last 52 weeks. On May 12, 2025, Otis Worldwide Corporation (NYSE:OTIS) stock closed at $98.00 per share with a market capitalization of $38.509 billion. The London Company Mid Cap Strategy stated the following regarding Otis Worldwide Corporation (NYSE:OTIS) in its Q1 2025 investor letter: "Otis Worldwide Corporation (NYSE:OTIS) - Despite tough 4Q24 earnings, OTIS shares rallied in the first quarter due to its low exposure to tariffs/global trade war risks. Our conviction in the stock reflects the company's strong execution in the China market despite macro headwinds and the oligopolistic nature of the elevator and escalator industry." A technician in a safety harness inspecting a passenger elevator in a modern office building. Otis Worldwide Corporation (NYSE:OTIS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 38 hedge fund portfolios held Otis Worldwide Corporation (NYSE:OTIS) at the end of the fourth quarter which was 32 in the previous quarter. Otis Worldwide Corporation (NYSE:OTIS) reported revenue of $3.3 billion in Q1 2025 with organic sales flat year over year. While we acknowledge the potential of Otis Worldwide Corporation (NYSE:OTIS) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. In another article, we covered Otis Worldwide Corporation (NYSE:OTIS) and shared the list of top trending stocks. In addition, please check out our hedge fund investor letters Q1 2025 page for more investor letters from hedge funds and other leading investors. READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
06-05-2025
- Business
- Yahoo
1 Hated Stock that Deserves a Second Chance and 2 to Avoid
Wall Street's bearish price targets for the stocks in this article signal serious concerns. Such forecasts are uncommon in an industry where maintaining cordial corporate relationships often trumps delivering the hard truth. Whatever the consensus opinion may be, our team at StockStory cuts through the noise by conducting independent analysis to determine a company's long-term prospects. That said, here is one stock poised to prove Wall Street wrong and two where the outlook is warranted. Consensus Price Target: $100.57 (3.2% implied return) Credited with inventing the first hydraulic passenger elevator, Otis Worldwide (NYSE:OTIS) is an elevator and escalator manufacturing, installation and service company. Why Does OTIS Give Us Pause? Organic revenue growth fell short of our benchmarks over the past two years and implies it may need to improve its products, pricing, or go-to-market strategy Demand will likely be soft over the next 12 months as Wall Street's estimates imply tepid growth of 3.9% Free cash flow margin shrank by 2.8 percentage points over the last five years, suggesting the company is consuming more capital to stay competitive Otis is trading at $97.41 per share, or 23.3x forward P/E. If you're considering OTIS for your portfolio, see our FREE research report to learn more. Consensus Price Target: $74.06 (27% implied return) Operating as a majority-owned subsidiary of Telephone and Data Systems since its founding in 1983, US Cellular (NYSE:USM) is a regional wireless telecommunications provider serving 4.6 million customers across 21 states with mobile phone, internet, and IoT services. Why Should You Dump USM? Products and services are facing significant end-market challenges during this cycle as sales have declined by 1.6% annually over the last five years Overall productivity fell over the last five years as its plummeting sales were accompanied by a decline in its adjusted operating margin Falling earnings per share over the last five years has some investors worried as stock prices ultimately follow EPS over the long term U.S. Cellular's stock price of $58.33 implies a valuation ratio of 5.2x forward EV-to-EBITDA. Dive into our free research report to see why there are better opportunities than USM. Consensus Price Target: $369.67 (11% implied return) With roots dating back to 1792 and serving millions of customers across the globe, The Cigna Group (NYSE:CI) provides healthcare services through its Evernorth Health Services and Cigna Healthcare segments, offering pharmacy benefits, specialty care, and medical plans. Why Are We Fans of CI? Impressive 18.1% annual revenue growth over the last two years indicates it's winning market share this cycle Unparalleled scale of $255.3 billion in revenue enables it to spread administrative costs across a larger membership base Earnings growth has comfortably beaten the peer group average over the last five years as its EPS has compounded at 9.1% annually At $333.01 per share, Cigna trades at 10.9x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it's free. Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 9 Market-Beating Stocks. This is a curated list of our High Quality stocks that have generated a market-beating return of 175% over the last five years. Stocks that made our list in 2019 include now familiar names such as Nvidia (+2,183% between December 2019 and December 2024) as well as under-the-radar businesses like United Rentals (+322% five-year return). Find your next big winner with StockStory today for free.
Yahoo
02-05-2025
- Business
- Yahoo
3 Industrials Stocks in Hot Water
Industrials businesses quietly power the physical things we depend on, from cars and homes to e-commerce infrastructure. Unfortunately, this role also comes with a demand profile tethered to the ebbs and flows of the broader economy, and investors seem to be forecasting a downturn - over the past six months, the industry has pulled back by 10.4%. This drop was worse than the S&P 500's 2% decline. Investors should tread carefully as timing cyclical companies is a challenging task, and any misstep can have you catching a falling knife. Keeping that in mind, here are three industrials stocks we're steering clear of. Market Cap: $130.3 billion Revolutionizing agriculture with the first self-polishing cast-steel plow in the 1800s, Deere (NYSE:DE) manufactures and distributes advanced agricultural, construction, forestry, and turf care equipment. Why Do We Avoid DE? Products and services are facing significant end-market challenges during this cycle as sales have declined by 6.2% annually over the last two years 7.1 percentage point decline in its free cash flow margin over the last five years reflects the company's increased investments to defend its market position 6× net-debt-to-EBITDA ratio shows it's overleveraged and increases the probability of shareholder dilution if things turn unexpectedly At $480.90 per share, Deere trades at 23.8x forward P/E. To fully understand why you should be careful with DE, check out our full research report (it's free). Market Cap: $38.04 billion Credited with inventing the first hydraulic passenger elevator, Otis Worldwide (NYSE:OTIS) is an elevator and escalator manufacturing, installation and service company. Why Does OTIS Give Us Pause? Organic sales performance over the past two years indicates the company may need to make strategic adjustments or rely on M&A to catalyze faster growth Estimated sales growth of 3.9% for the next 12 months is soft and implies weaker demand 2.8 percentage point decline in its free cash flow margin over the last five years reflects the company's increased investments to defend its market position Otis's stock price of $96.39 implies a valuation ratio of 23x forward P/E. Read our free research report to see why you should think twice about including OTIS in your portfolio, it's free. Market Cap: $863.7 million California's oldest company, Ducommun (NYSE:DCO) is a provider of engineering and manufacturing services for high-performance products primarily within the aerospace and defense industries. Why Do We Think DCO Will Underperform? New orders were hard to come by as its average backlog growth of 4.9% over the past two years underwhelmed Performance over the past two years was negatively impacted by new share issuances as its earnings per share were flat while its revenue grew ROIC of 4.6% reflects management's challenges in identifying attractive investment opportunities Ducommun is trading at $58.11 per share, or 14.8x forward P/E. If you're considering DCO for your portfolio, see our FREE research report to learn more. Market indices reached historic highs following Donald Trump's presidential victory in November 2024, but the outlook for 2025 is clouded by new trade policies that could impact business confidence and growth. While this has caused many investors to adopt a "fearful" wait-and-see approach, we're leaning into our best ideas that can grow regardless of the political or macroeconomic climate. Take advantage of Mr. Market by checking out our Top 6 Stocks for this week. This is a curated list of our High Quality stocks that have generated a market-beating return of 175% over the last five years. Stocks that made our list in 2019 include now familiar names such as Nvidia (+2,183% between December 2019 and December 2024) as well as under-the-radar businesses like Comfort Systems (+751% five-year return). Find your next big winner with StockStory today for free.
