Otis Worldwide Corporation $OTIS Shares Acquired by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 31.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 44,823 shares of the company’s stock after acquiring an additional 10,726 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Otis Worldwide were worth $4,098,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Otis Worldwide in the second quarter valued at approximately $721,614,000. Marshall Wace LLP boosted its stake in shares of Otis Worldwide by 5,291.5% in the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after purchasing an additional 2,791,765 shares during the period. Vanguard Group Inc. boosted its stake in shares of 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. Qube Research & Technologies Ltd acquired a new stake in Otis Worldwide during the 2nd quarter valued at $114,319,000. Finally, Canoe Financial LP increased its stake in Otis Worldwide by 64.0% during the 3rd quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after buying an additional 940,862 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $90.20 on Friday. The stock has a market capitalization of $35.15 billion, a price-to-earnings ratio of 26.61, a PEG ratio of 3.19 and a beta of 1.02. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company’s 50-day simple moving average is $88.43 and its 200-day simple moving average is $90.29.

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 firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the prior year, the firm posted $0.96 earnings per share. Otis Worldwide’s revenue for the quarter 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. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Insider Transactions at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on OTIS. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Wells Fargo & Company cut their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. BNP Paribas raised Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $103.50.

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.