Otis Worldwide Corporation $OTIS Position Lessened by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 10.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,818 shares of the company’s stock after selling 12,488 shares during the period. Nisa Investment Advisors LLC’s holdings in Otis Worldwide were worth $9,858,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Berkshire Money Management Inc. grew its stake in shares of Otis Worldwide by 5.0% in the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after buying an additional 100 shares in the last quarter. Park Avenue Securities LLC lifted its stake in Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after acquiring an additional 104 shares during the last quarter. OLD National Bancorp IN lifted its stake in Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after acquiring an additional 118 shares during the last quarter. PFG Investments LLC grew its position in Otis Worldwide by 3.7% in the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after acquiring an additional 121 shares in the last quarter. Finally, PKS Advisory Services LLC increased its stake in shares of Otis Worldwide by 4.9% during the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after purchasing an additional 121 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research 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. Barclays boosted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $90.20 on Friday. The stock’s 50-day moving average is $88.43 and its 200-day moving average is $90.29. The company has a market cap of $35.15 billion, a P/E ratio of 26.61, a P/E/G ratio of 3.19 and a beta of 1.02. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Transactions at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s 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 transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.23% of the company’s stock.

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.