Varma Mutual Pension Insurance Co Raises Holdings in Otis Worldwide Corporation $OTIS

Varma Mutual Pension Insurance Co grew its position in Otis Worldwide Corporation (NYSE:OTIS) by 17.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 150,642 shares of the company’s stock after purchasing an additional 22,400 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Otis Worldwide were worth $13,159,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Intact Investment Management Inc. bought a new position in shares of Otis Worldwide in the 4th quarter worth $79,000. Montag A & Associates Inc. raised its position in shares of Otis Worldwide by 4.3% in the 4th quarter. Montag A & Associates Inc. now owns 4,954 shares of the company’s stock worth $433,000 after acquiring an additional 205 shares in the last quarter. Benjamin Edwards Inc. raised its position in shares of Otis Worldwide by 21.8% in the 4th quarter. Benjamin Edwards Inc. now owns 6,894 shares of the company’s stock worth $602,000 after acquiring an additional 1,233 shares in the last quarter. Strs Ohio raised its position in shares of Otis Worldwide by 249.7% in the 4th quarter. Strs Ohio now owns 33,047 shares of the company’s stock worth $2,887,000 after acquiring an additional 23,598 shares in the last quarter. Finally, Ashton Thomas Securities LLC raised its position in shares of Otis Worldwide by 37.5% in the 4th quarter. Ashton Thomas Securities LLC now owns 26,462 shares of the company’s stock worth $2,317,000 after acquiring an additional 7,216 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer directly owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 152,013 shares of company stock valued at $13,818,935 in the last ninety days. Corporate insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Evercore assumed coverage on Otis Worldwide in a research report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price target for the company. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. UBS Group set a $105.00 price target on Otis Worldwide in a research report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $97.64.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $75.91 on Tuesday. The business’s 50-day moving average is $82.33 and its 200 day moving average is $86.88. Otis Worldwide Corporation has a 1 year low of $75.27 and a 1 year high of $101.42. The firm has a market capitalization of $29.13 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.53 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.02). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same period in the prior year, the company earned $0.92 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, analysts expect that Otis Worldwide Corporation will post 4.18 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 15th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.76 annualized dividend and a yield of 2.3%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s dividend payout ratio is currently 44.68%.

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.