Cerity Partners LLC Has $37.95 Million Stock Position in Otis Worldwide Corporation $OTIS

Cerity Partners LLC increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 21.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 415,053 shares of the company’s stock after purchasing an additional 73,229 shares during the period. Cerity Partners LLC owned approximately 0.11% of Otis Worldwide worth $37,948,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Otis Worldwide by 3.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,188 shares of the company’s stock valued at $4,767,000 after acquiring an additional 1,616 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after purchasing an additional 304 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Otis Worldwide by 9.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,918,123 shares of the company’s stock valued at $197,950,000 after purchasing an additional 168,692 shares in the last quarter. Great Lakes Advisors LLC raised its holdings in Otis Worldwide by 16.2% in the first quarter. Great Lakes Advisors LLC now owns 2,728 shares of the company’s stock worth $282,000 after purchasing an additional 380 shares during the period. Finally, Ascent Group LLC bought a new position in shares of Otis Worldwide during the first quarter worth $221,000. Institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling

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

Otis Worldwide Stock Up 2.1%

Shares of OTIS stock opened at $90.31 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company’s fifty day simple moving average is $88.48 and its 200-day simple moving average is $90.38. The firm has a market cap of $35.20 billion, a PE ratio of 26.64, a P/E/G ratio of 3.13 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last released its earnings results 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. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter last year, the firm earned $0.96 earnings per share. The firm’s revenue for the quarter 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. On average, equities analysts predict 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. Investors of record on Friday, November 14th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s dividend payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Barclays raised their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Finally, Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $103.50.

Otis Worldwide Company 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.