Nordea Investment Management AB Grows Stock Holdings in Otis Worldwide Corporation $OTIS

Nordea Investment Management AB raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,327 shares of the company’s stock after acquiring an additional 7,120 shares during the quarter. Nordea Investment Management AB’s holdings in Otis Worldwide were worth $6,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in OTIS. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Otis Worldwide by 8.4% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,734 shares of the company’s stock valued at $1,164,000 after purchasing an additional 989 shares during the period. First Horizon Corp bought a new stake in shares of Otis Worldwide during the third quarter valued at about $84,000. MGO One Seven LLC lifted its holdings in shares of Otis Worldwide by 128.5% in the third quarter. MGO One Seven LLC now owns 6,576 shares of the company’s stock worth $601,000 after buying an additional 3,698 shares in the last quarter. Sterneck Capital Management LLC bought a new position in shares of Otis Worldwide in the third quarter valued at approximately $282,000. Finally, Citizens Financial Group Inc. RI grew its stake in Otis Worldwide by 71.1% during the third quarter. Citizens Financial Group Inc. RI now owns 5,252 shares of the company’s stock valued at $480,000 after acquiring an additional 2,182 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OTIS. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Finally, BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $104.13.

Otis Worldwide Stock Down 0.2%

Shares of OTIS stock opened at $90.17 on Friday. The business has a 50-day moving average price of $88.33 and a two-hundred day moving average price of $90.00. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm has a market cap of $35.14 billion, a P/E ratio of 26.60, a price-to-earnings-growth ratio of 2.65 and a beta of 1.02.

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

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio is 49.56%.

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.