Resona Asset Management Co. Ltd. Sells 17,351 Shares of Otis Worldwide Corporation $OTIS

Resona Asset Management Co. Ltd. decreased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 12.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 124,183 shares of the company’s stock after selling 17,351 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $11,351,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Berkshire Money Management Inc. lifted its position in shares of Otis Worldwide by 5.0% during the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after purchasing an additional 100 shares in the last quarter. OLD National Bancorp IN raised its position in Otis Worldwide by 5.5% in the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after purchasing an additional 118 shares during the last quarter. PFG Investments LLC raised its position in Otis Worldwide by 3.7% in the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after purchasing an additional 121 shares during the last quarter. PKS Advisory Services LLC lifted its holdings in 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 buying an additional 121 shares in the last quarter. Finally, MSH Capital Advisors LLC boosted its position in Otis Worldwide by 5.4% in the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock valued at $234,000 after buying an additional 122 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $90.96 on Monday. The firm’s 50 day simple moving average is $88.30 and its 200 day simple moving average is $89.58. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a market capitalization of $35.45 billion, a price-to-earnings ratio of 26.83, a P/E/G ratio of 2.63 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s payout ratio is currently 49.56%.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s 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 completion of the transaction, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OTIS. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Finally, Barclays raised their price objective 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. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $104.13.

About Otis Worldwide

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.