Otis Worldwide Corporation $OTIS Shares Bought by Impax Asset Management Group plc

Impax Asset Management Group plc grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 13.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,021 shares of the company’s stock after purchasing an additional 13,194 shares during the period. Impax Asset Management Group plc’s holdings in Otis Worldwide were worth $10,894,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Berkshire Money Management Inc. grew its holdings in Otis Worldwide by 5.0% during the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after acquiring an additional 100 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in shares of 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 in the last quarter. PFG Investments LLC increased its stake in shares of Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after acquiring an additional 121 shares during the period. MSH Capital Advisors LLC raised its holdings in Otis Worldwide by 5.4% during the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock worth $234,000 after purchasing an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP lifted its position in Otis Worldwide by 6.0% in the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock worth $228,000 after purchasing an additional 130 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent research reports. Barclays increased their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. 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 report on Wednesday, October 15th. Wells Fargo & Company lifted their price target on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Three 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $103.71.

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Trading Down 0.4%

Shares of NYSE:OTIS opened at $90.61 on Friday. The firm has a market cap of $35.31 billion, a price-to-earnings ratio of 26.73, a P/E/G ratio of 3.47 and a beta of 1.00. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The business has a fifty day simple moving average of $90.52 and a 200 day simple moving average of $92.71.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $3.65 billion. During the same quarter in the previous year, the company posted $0.96 earnings per share. The business’s quarterly revenue 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. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Otis Worldwide Company Profile

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.