Otis Worldwide Corporation $OTIS Shares Purchased by Prudential PLC

Prudential PLC raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 573.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,887 shares of the company’s stock after purchasing an additional 40,778 shares during the quarter. Prudential PLC’s holdings in Otis Worldwide were worth $4,742,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the last quarter. Vanguard Group Inc. raised its position in Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Nuveen LLC acquired a new position in shares of Otis Worldwide in the 1st quarter valued at $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after purchasing an additional 571,489 shares during the period. Finally, PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after purchasing an additional 543,933 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on OTIS shares. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Wednesday. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. 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. Finally, Barclays boosted their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $103.71.

Otis Worldwide Price Performance

Shares of NYSE OTIS opened at $88.02 on Friday. The stock’s 50-day moving average is $90.48 and its two-hundred day moving average is $92.36. 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 $34.30 billion, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 3.31 and a beta of 1.00.

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

Otis Worldwide Announces Dividend

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

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction on Wednesday, November 5th. The shares were 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 of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide 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.