Nomura Asset Management Co. Ltd. Reduces Stake in Otis Worldwide Corporation $OTIS

Nomura Asset Management Co. Ltd. lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 20.1% in the second quarter, Holdings Channel reports. The institutional investor owned 130,360 shares of the company’s stock after selling 32,819 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $12,908,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Lifeworks Advisors LLC grew its position in Otis Worldwide by 5.9% during the first quarter. Lifeworks Advisors LLC now owns 56,115 shares of the company’s stock worth $5,791,000 after buying an additional 3,105 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Otis Worldwide in the 1st quarter worth about $612,000. State of Wyoming increased its stake in Otis Worldwide by 278.6% in the 1st quarter. State of Wyoming now owns 7,406 shares of the company’s stock worth $764,000 after acquiring an additional 5,450 shares during the last quarter. Finally, Groupe la Francaise boosted its position in shares of Otis Worldwide by 14.2% during the 1st quarter. Groupe la Francaise now owns 43,418 shares of the company’s stock valued at $4,472,000 after acquiring an additional 5,391 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS opened at $86.55 on Thursday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm has a market cap of $33.73 billion, a price-to-earnings ratio of 25.53, a PEG ratio of 3.34 and a beta of 1.00. The firm has a 50 day moving average price of $90.55 and a 200-day moving average price of $92.47.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.00 by $0.05. The company 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%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current 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%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on OTIS. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note 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 report on Wednesday, October 8th. Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Thursday, November 13th. Finally, JPMorgan Chase & Co. increased their target price on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. 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. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $103.71.

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s 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 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 legal filing with the SEC, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

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.