Otis Worldwide Corporation $OTIS Stock Position Boosted by First Eagle Investment Management LLC

First Eagle Investment Management LLC raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 23.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 94,015 shares of the company’s stock after buying an additional 17,602 shares during the period. First Eagle Investment Management LLC’s holdings in Otis Worldwide were worth $9,309,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in OTIS. U.S. Capital Wealth Advisors LLC bought a new stake in Otis Worldwide during the first quarter worth approximately $241,000. DekaBank Deutsche Girozentrale increased its position in shares of Otis Worldwide by 2.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 162,726 shares of the company’s stock valued at $16,443,000 after purchasing an additional 4,158 shares during the period. Greenleaf Trust increased its position in shares of Otis Worldwide by 12.9% during the 1st quarter. Greenleaf Trust now owns 11,829 shares of the company’s stock valued at $1,221,000 after purchasing an additional 1,348 shares during the period. Rehmann Capital Advisory Group raised its stake in shares of Otis Worldwide by 5.8% in the 1st quarter. Rehmann Capital Advisory Group now owns 6,824 shares of the company’s stock worth $704,000 after buying an additional 375 shares in the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Otis Worldwide by 16.0% in the first quarter. Nisa Investment Advisors LLC now owns 116,687 shares of the company’s stock valued at $12,042,000 after buying an additional 16,061 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $91.09 on Friday. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company has a market cap of $35.50 billion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 3.48 and a beta of 1.00. The firm has a 50 day simple moving average of $90.17 and a 200 day simple moving average of $92.82.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. The company’s revenue was up 4.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada dropped their target price 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. Wells Fargo & Company increased their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Three 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.88.

Insider Buying and Selling

In other Otis Worldwide 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 transaction 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. The trade was a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

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.