CIBC Asset Management Inc Decreases Stake in Otis Worldwide Corporation $OTIS

CIBC Asset Management Inc lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 9.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 162,237 shares of the company’s stock after selling 17,088 shares during the quarter. CIBC Asset Management Inc’s holdings in Otis Worldwide were worth $14,830,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Otis Worldwide by 4.3% during the second 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 during the last quarter. Alliancebernstein L.P. increased its position in shares of Otis Worldwide by 3.2% during the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after purchasing an additional 603,860 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after purchasing an additional 129,458 shares during the period. Norges Bank bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $721,614,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Otis Worldwide by 2.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company’s stock worth $648,423,000 after buying an additional 181,739 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Down 0.4%

OTIS opened at $90.60 on Tuesday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company has a market cap of $35.31 billion, a PE ratio of 26.73, a price-to-earnings-growth ratio of 2.63 and a beta of 1.02. The company has a 50 day moving average of $88.35 and a 200 day moving average of $89.52.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the prior year, the business posted $0.96 earnings per share. The business’s quarterly 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. Research 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 paid a $0.42 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is currently 49.56%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $111.00 to $116.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $104.13.

Insider Buying and Selling

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 transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer 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 filing with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide 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.