QRG Capital Management Inc. Sells 13,618 Shares of Otis Worldwide Corporation $OTIS

QRG Capital Management Inc. reduced its stake in Otis Worldwide Corporation (NYSE:OTIS) by 38.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,396 shares of the company’s stock after selling 13,618 shares during the quarter. QRG Capital Management Inc.’s holdings in Otis Worldwide were worth $1,956,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp raised its position in shares of Otis Worldwide by 48.2% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after acquiring an additional 18,881 shares in the last quarter. Natixis grew its stake in Otis Worldwide by 226.4% during the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after purchasing an additional 58,286 shares during the period. Canoe Financial LP grew its stake in Otis Worldwide by 64.0% during the third 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 period. Pinnacle Financial Partners Inc increased its holdings in Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock worth $7,085,000 after purchasing an additional 12,721 shares in the last quarter. Finally, Carnegie Investment Counsel lifted its stake in Otis Worldwide by 19.9% in the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.2%

OTIS opened at $90.17 on Tuesday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company has a market cap of $35.14 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 2.65 and a beta of 1.02. The company’s fifty day moving average price is $88.33 and its two-hundred day moving average price is $89.86.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (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 firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period last year, the company earned $0.96 earnings per share. The business’s revenue 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, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insider Activity at Otis Worldwide

In other 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 transaction, the chief accounting officer 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 hyperlink. 0.23% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on OTIS shares. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $111.00 to $116.00 and gave the stock an “overweight” rating in a research report on Friday. Wall Street Zen cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Tuesday, December 9th. Finally, BNP Paribas raised 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $104.13.

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.