Mitsubishi UFJ Trust & Banking Corp Increases Stock Position in Otis Worldwide Corporation $OTIS

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 48.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 422,400 shares of the company’s stock after acquiring an additional 137,458 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Otis Worldwide were worth $38,620,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OTIS. Root Financial Partners LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at $26,000. Chilton Capital Management LLC purchased a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $31,000. Nemes Rush Group LLC grew its stake in Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Rakuten Investment Management Inc. bought a new position in shares of Otis Worldwide in the 3rd quarter worth about $31,000. Finally, MTM Investment Management LLC purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $40,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $90.96 on Monday. The firm’s 50 day simple moving average is $88.30 and its 200-day simple moving average is $89.58. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a market capitalization of $35.45 billion, a price-to-earnings ratio of 26.83, a PEG ratio of 2.63 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent analyst reports. Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $111.00 to $116.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Finally, Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Four investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $104.13.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at approximately $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.23% of the stock is owned by company insiders.

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.