Sumitomo Mitsui Trust Group Inc. Has $83.54 Million Position in Otis Worldwide Corporation $OTIS

Sumitomo Mitsui Trust Group Inc. lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 913,750 shares of the company’s stock after selling 22,843 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Otis Worldwide worth $83,544,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. Chilton Capital Management LLC bought a new stake in shares of Otis Worldwide in the 2nd quarter worth approximately $31,000. Nemes Rush Group LLC increased its position in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. MTM Investment Management LLC acquired a new position in shares of Otis Worldwide in the second quarter valued at $40,000. Toth Financial Advisory Corp bought a new position in Otis Worldwide in the second quarter worth $45,000. Finally, Quaker Wealth Management LLC lifted its position in Otis Worldwide by 199.6% in the second quarter. Quaker Wealth Management LLC now owns 505 shares of the company’s stock worth $50,000 after purchasing an additional 1,012 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide 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 directly owned 2,628 shares of the company’s stock, valued at $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Barclays upped 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. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Up 0.2%

NYSE:OTIS opened at $89.93 on Thursday. The firm has a market cap of $35.05 billion, a PE ratio of 26.53, a price-to-earnings-growth ratio of 2.64 and a beta of 1.02. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company’s 50-day moving average price is $88.37 and its two-hundred day moving average price is $90.13.

Otis Worldwide (NYSE:OTIS) last posted 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 net margin of 9.41% and a negative return on equity of 30.67%. The company had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same quarter last year, the business posted $0.96 earnings per share. The company’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. On average, research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.