UniSuper Management Pty Ltd Grows Stock Position in Otis Worldwide Corporation $OTIS

UniSuper Management Pty Ltd boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 291,997 shares of the company’s stock after acquiring an additional 7,097 shares during the period. UniSuper Management Pty Ltd’s holdings in Otis Worldwide were worth $26,697,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Otis Worldwide by 3.2% during the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after purchasing an additional 603,860 shares during the last quarter. Geode Capital Management LLC lifted its stake in Otis Worldwide by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after buying an additional 129,458 shares in the last quarter. Norges Bank acquired a new stake in Otis Worldwide during the 2nd quarter valued at $721,614,000. Finally, Massachusetts Financial Services Co. MA grew its holdings in Otis Worldwide by 2.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock valued at $648,423,000 after buying an additional 181,739 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OTIS shares. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Barclays upped their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Four 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $104.13.

Otis Worldwide Trading Up 0.8%

NYSE OTIS opened at $90.96 on Friday. The business’s 50-day moving average price is $88.30 and its 200 day moving average price is $89.72. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a market capitalization of $35.45 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 2.61 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the business earned $0.96 EPS. The firm’s revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s dividend payout ratio is 49.56%.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

About Otis Worldwide

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.