Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stake in Otis Worldwide Corporation $OTIS

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 11.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,632,335 shares of the company’s stock after purchasing an additional 494,259 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $458,694,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Lifeworks Advisors LLC lifted its position in Otis Worldwide by 5.9% in the first quarter. Lifeworks Advisors LLC now owns 56,115 shares of the company’s stock valued at $5,791,000 after buying an additional 3,105 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new position in Otis Worldwide in the first quarter valued at about $612,000. State of Wyoming boosted its stake in Otis Worldwide by 278.6% during the first quarter. State of Wyoming now owns 7,406 shares of the company’s stock worth $764,000 after buying an additional 5,450 shares during the period. Finally, Groupe la Francaise increased its position in shares of Otis Worldwide by 14.2% during the first quarter. Groupe la Francaise now owns 43,418 shares of the company’s stock valued at $4,472,000 after acquiring an additional 5,391 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on OTIS shares. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research note on Monday, July 14th. They set a “hold” rating and a $109.00 price target on the stock. Barclays raised their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Wells Fargo & Company boosted their price objective 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, Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $104.88.

Otis Worldwide Price Performance

OTIS stock opened at $91.09 on Friday. The business’s 50-day moving average is $90.17 and its two-hundred day moving average is $92.82. The firm has a market capitalization of $35.50 billion, a P/E ratio of 26.87, a P/E/G ratio of 3.48 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.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating 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 firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter last year, the company earned $0.96 earnings per share. The firm’s 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, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s payout ratio is 49.56%.

Otis Worldwide 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.