Scotia Capital Inc. Trims Stake in Otis Worldwide Corporation $OTIS

Scotia Capital Inc. cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 13.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 40,436 shares of the company’s stock after selling 6,337 shares during the quarter. Scotia Capital Inc.’s holdings in Otis Worldwide were worth $4,004,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Otis Worldwide by 4.3% during 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 in the last quarter. Nuveen LLC purchased a new stake in Otis Worldwide in the first quarter worth $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 16.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after purchasing an additional 571,489 shares in the last quarter. Finally, PineStone Asset Management Inc. lifted its position in Otis Worldwide by 13.3% during the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after buying an additional 543,933 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Activity at Otis Worldwide

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

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research report on Tuesday. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. 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 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $103.71.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $88.85 on Friday. The firm has a market cap of $34.63 billion, a P/E ratio of 26.21, a P/E/G ratio of 3.39 and a beta of 1.00. 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 50-day simple moving average of $90.35 and a two-hundred day simple moving average of $92.02.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. The firm had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities research analysts predict 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 issued a $0.42 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.