American Century Companies Inc. Sells 8,581 Shares of Otis Worldwide Corporation $OTIS

American Century Companies Inc. trimmed its stake in Otis Worldwide Corporation (NYSE:OTIS) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 336,121 shares of the company’s stock after selling 8,581 shares during the period. American Century Companies Inc. owned 0.09% of Otis Worldwide worth $33,283,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Otis Worldwide in the 1st quarter worth about $612,000. State of Wyoming increased its holdings in Otis Worldwide by 278.6% in the 1st quarter. State of Wyoming now owns 7,406 shares of the company’s stock worth $764,000 after buying an additional 5,450 shares in the last quarter. Groupe la Francaise raised its position in Otis Worldwide by 14.2% in the 1st quarter. Groupe la Francaise now owns 43,418 shares of the company’s stock worth $4,472,000 after buying an additional 5,391 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in Otis Worldwide by 53.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 470,781 shares of the company’s stock valued at $48,585,000 after acquiring an additional 163,231 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.3%

NYSE OTIS opened at $88.85 on Friday. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company has a market capitalization of $34.63 billion, a P/E ratio of 26.21, a price-to-earnings-growth ratio of 3.39 and a beta of 1.00. The stock’s 50-day moving average price is $90.35 and its 200-day moving average price is $92.02.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

Analysts Set New Price Targets

A number of brokerages have recently commented on OTIS. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Barclays raised 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. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Tuesday. Finally, Wells Fargo & Company lifted their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $103.71.

Insider Buying and Selling 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 transaction of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.