13,994 Shares in Otis Worldwide Corporation $OTIS Purchased by Allstate Corp

Allstate Corp acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 13,994 shares of the company’s stock, valued at approximately $1,279,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chilton Capital Management LLC acquired a new stake in Otis Worldwide in the 2nd quarter valued at $31,000. Nemes Rush Group LLC raised its position in Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. MTM Investment Management LLC purchased a new position in Otis Worldwide during the second quarter valued at $40,000. Quaker Wealth Management LLC boosted its holdings in Otis Worldwide by 199.6% in the 2nd quarter. Quaker Wealth Management LLC now owns 505 shares of the company’s stock worth $50,000 after buying an additional 1,012 shares during the last quarter. Finally, Hilltop National Bank acquired a new position in shares of Otis Worldwide during the second quarter valued at approximately $51,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $88.03 on Wednesday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a 50 day moving average price of $88.29 and a 200 day moving average price of $89.78. The stock has a market capitalization of $34.31 billion, a P/E ratio of 25.97, a PEG ratio of 2.65 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the prior year, the firm earned $0.96 earnings per share. The firm’s 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 forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated 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 of the company’s stock, valued at $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

OTIS has been the topic of a number of research analyst reports. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $111.00 to $116.00 and gave the stock an “overweight” rating in a research note on Friday, January 16th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Finally, BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average 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.