Otis Worldwide Corporation $OTIS is Canoe Financial LP’s 7th Largest Position

Canoe Financial LP raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 64.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,411,956 shares of the company’s stock after buying an additional 940,862 shares during the quarter. Otis Worldwide comprises about 3.1% of Canoe Financial LP’s holdings, making the stock its 7th largest position. Canoe Financial LP owned about 0.61% of Otis Worldwide worth $220,525,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Chilton Capital Management LLC purchased a new stake in Otis Worldwide in the 2nd quarter worth about $31,000. Nemes Rush Group LLC increased its stake in shares of 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 in the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide in the first quarter valued at approximately $38,000. MTM Investment Management LLC purchased a new stake in shares of Otis Worldwide during the 2nd quarter valued at approximately $40,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Otis Worldwide during the 2nd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $87.90 on Friday. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The stock has a fifty day moving average of $89.22 and a 200 day moving average of $90.87. The firm has a market capitalization of $34.26 billion, a price-to-earnings ratio of 25.93, a P/E/G ratio of 3.35 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm 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%.The company’s revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a dividend of $0.42 per share. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on OTIS shares. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Finally, BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. One 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $103.50.

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.