Otis Worldwide Corporation $OTIS Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,366,894 shares of the company’s stock after acquiring an additional 33,086 shares during the period. Charles Schwab Investment Management Inc. owned 0.60% of Otis Worldwide worth $234,370,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cheviot Value Management LLC bought a new stake in Otis Worldwide during the first quarter worth approximately $31,000. Chilton Capital Management LLC acquired a new position in shares of Otis Worldwide during the 2nd quarter valued at $31,000. Nemes Rush Group LLC raised its stake in shares of Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. Flaharty Asset Management LLC acquired a new stake in shares of Otis Worldwide in the first quarter valued at $38,000. Finally, MTM Investment Management LLC bought a new position in Otis Worldwide during the second quarter valued at about $40,000. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on OTIS shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Wednesday, November 19th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $103.71.

Insiders Place Their Bets

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 value 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. This represents a 53.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $88.44 on Wednesday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm’s 50 day simple moving average is $90.41 and its 200-day simple moving average is $92.17. The company has a market cap of $34.47 billion, a P/E ratio of 26.09, a price-to-earnings-growth ratio of 3.31 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 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 analyst estimates of $3.65 billion. During the same quarter last year, the business posted $0.96 EPS. The company’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. On average, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

About Otis Worldwide

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.