PineStone Asset Management Inc. Sells 122,544 Shares of Otis Worldwide Corporation $OTIS

PineStone Asset Management Inc. decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,516,521 shares of the company’s stock after selling 122,544 shares during the period. Otis Worldwide makes up approximately 2.6% of PineStone Asset Management Inc.’s holdings, making the stock its 12th largest holding. PineStone Asset Management Inc.’s holdings in Otis Worldwide were worth $412,946,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Perigon Wealth Management LLC lifted its stake in shares of Otis Worldwide by 8.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 14,547 shares of the company’s stock worth $1,330,000 after buying an additional 1,112 shares during the last quarter. Carnegie Investment Counsel grew its stake in Otis Worldwide by 19.9% in the 3rd 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 during the last quarter. HBK Sorce Advisory LLC raised its holdings in Otis Worldwide by 27.2% in the 3rd quarter. HBK Sorce Advisory LLC now owns 4,364 shares of the company’s stock valued at $399,000 after acquiring an additional 934 shares during the period. Blue Trust Inc. raised its holdings in Otis Worldwide by 19.1% in the 3rd quarter. Blue Trust Inc. now owns 1,705 shares of the company’s stock valued at $156,000 after acquiring an additional 274 shares during the period. Finally, Avanza Fonder AB lifted its position in Otis Worldwide by 17.2% during the third quarter. Avanza Fonder AB now owns 40,709 shares of the company’s stock worth $3,722,000 after acquiring an additional 5,981 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on OTIS shares. Wells Fargo & Company decreased their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Barclays lifted their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $103.50.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $87.61 on Friday. The firm has a market cap of $34.14 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 3.34 and a beta of 1.01. The stock’s fifty day moving average price is $89.14 and its two-hundred day moving average price is $90.79. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $3.65 billion. During the same period in the prior year, the firm posted $0.96 EPS. Otis Worldwide’s quarterly revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction that occurred 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 directly owned 2,628 shares in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Company 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.