Otis Worldwide Corporation $OTIS Shares Purchased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 19.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,492 shares of the company’s stock after acquiring an additional 12,721 shares during the period. Pinnacle Financial Partners Inc’s holdings in Otis Worldwide were worth $7,085,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of OTIS. Atlantic Union Bankshares Corp grew its holdings in Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after acquiring an additional 18,881 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Otis Worldwide by 11.6% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 50,066 shares of the company’s stock worth $4,958,000 after purchasing an additional 5,200 shares during the last quarter. Natixis grew its stake in Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after purchasing an additional 58,286 shares in the last quarter. Canoe Financial LP increased its holdings in Otis Worldwide by 64.0% in the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after buying an additional 940,862 shares during the last quarter. Finally, Carnegie Investment Counsel raised its stake in Otis Worldwide by 19.9% during the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of several research reports. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $104.13.

Otis Worldwide Stock Down 0.2%

Shares of NYSE OTIS opened at $90.17 on Friday. The stock has a market cap of $35.14 billion, a P/E ratio of 26.60, a P/E/G ratio of 2.65 and a beta of 1.02. The firm’s 50-day simple moving average is $88.33 and its 200 day simple moving average is $90.00. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company 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%. Otis Worldwide’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer 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 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 company insiders.

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.