Commonwealth Equity Services LLC Sells 10,872 Shares of Otis Worldwide Corporation $OTIS

Commonwealth Equity Services LLC decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 7.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 134,199 shares of the company’s stock after selling 10,872 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Otis Worldwide were worth $12,270,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Norges Bank acquired a new position in Otis Worldwide during the second quarter worth $721,614,000. Marshall Wace LLP increased its holdings in shares of Otis Worldwide by 5,291.5% during the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Otis Worldwide in the 2nd quarter worth approximately $114,319,000. Finally, Canoe Financial LP lifted its holdings in Otis Worldwide by 64.0% in the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’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 transaction of $277,637.32. Following the sale, the chief accounting officer directly owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Barclays lifted 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. 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Price Performance

NYSE OTIS opened at $90.20 on Monday. The company’s fifty day moving average is $88.43 and its two-hundred day moving average is $90.24. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The firm has a market capitalization of $35.15 billion, a price-to-earnings ratio of 26.61, a P/E/G ratio of 3.19 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 EPS 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 analyst estimates of $3.65 billion. During the same quarter in the prior year, the business earned $0.96 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were issued 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 of this dividend was Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

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.