J. Safra Sarasin Holding AG Purchases 28,639 Shares of Otis Worldwide Corporation $OTIS

J. Safra Sarasin Holding AG raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 8.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 368,029 shares of the company’s stock after purchasing an additional 28,639 shares during the period. J. Safra Sarasin Holding AG owned 0.09% of Otis Worldwide worth $33,649,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Otis Worldwide in the second quarter worth $721,614,000. Marshall Wace LLP increased its stake in Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after acquiring an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $114,319,000. Finally, Canoe Financial LP grew its holdings in shares of Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $90.60 on Tuesday. The stock’s 50-day moving average is $88.35 and its 200 day moving average is $89.52. The company has a market cap of $35.31 billion, a PE ratio of 26.73, a P/E/G ratio of 2.63 and a beta of 1.02. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping 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 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. Analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were 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 trade represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent analyst reports. 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. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wells Fargo & Company reduced their target price 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. Finally, BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Tuesday, December 9th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $104.13.

Otis Worldwide 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.