Primecap Management Co. CA Purchases 511,230 Shares of Otis Worldwide Corporation $OTIS

Primecap Management Co. CA grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 28.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,314,361 shares of the company’s stock after acquiring an additional 511,230 shares during the quarter. Primecap Management Co. CA owned 0.59% of Otis Worldwide worth $229,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Chilton Capital Management LLC acquired a new stake in Otis Worldwide during the 2nd quarter worth about $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter valued at about $31,000. Flaharty Asset Management LLC acquired a new stake in Otis Worldwide during the first quarter worth approximately $38,000. MTM Investment Management LLC acquired a new stake in Otis Worldwide during the second quarter worth approximately $40,000. Finally, Toth Financial Advisory Corp bought a new stake in Otis Worldwide in the second quarter worth approximately $45,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OTIS. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Thursday, November 13th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Finally, Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $103.71.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 sale, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.3%

OTIS opened at $87.84 on Wednesday. The firm has a 50-day moving average price of $90.57 and a 200-day moving average price of $92.51. The company has a market capitalization of $34.23 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 3.36 and a beta of 1.00. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. Otis Worldwide’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, sell-side analysts expect 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 will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a $0.42 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s payout ratio is currently 49.56%.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.