Handelsbanken Fonder AB Boosts Holdings in Otis Worldwide Corporation $OTIS

Handelsbanken Fonder AB raised its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 230,142 shares of the company’s stock after acquiring an additional 4,851 shares during the period. Handelsbanken Fonder AB owned approximately 0.06% of Otis Worldwide worth $22,789,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after buying an additional 2,396,134 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $612,000. State of Wyoming boosted its holdings in Otis Worldwide by 278.6% during the 1st quarter. State of Wyoming now owns 7,406 shares of the company’s stock valued at $764,000 after acquiring an additional 5,450 shares during the period. Groupe la Francaise boosted its holdings in Otis Worldwide by 14.2% during the 1st 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 period. Finally, Canada Pension Plan Investment Board grew its position in Otis Worldwide by 53.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 470,781 shares of the company’s stock valued at $48,585,000 after acquiring an additional 163,231 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OTIS. Royal Bank Of Canada decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Wednesday. Finally, Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $103.71.

Otis Worldwide Stock Up 1.3%

Shares of OTIS opened at $88.02 on Friday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a 50 day moving average of $90.48 and a two-hundred day moving average of $92.34. The company has a market cap of $34.30 billion, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 3.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same period last year, the business posted $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, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders 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 yield of 1.9%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s payout ratio is currently 49.56%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were 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 owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

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.