Arrowstreet Capital Limited Partnership Boosts Position in Otis Worldwide Corporation $OTIS

Arrowstreet Capital Limited Partnership grew its position in Otis Worldwide Corporation (NYSE:OTIS) by 109.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,005,980 shares of the company’s stock after buying an additional 525,975 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Otis Worldwide were worth $99,612,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Chilton Capital Management LLC acquired a new stake in Otis Worldwide in the 2nd quarter valued at about $31,000. Nemes Rush Group LLC lifted its holdings in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. Flaharty Asset Management LLC purchased a new stake in shares of Otis Worldwide in the first quarter valued at about $38,000. MTM Investment Management LLC acquired a new stake in shares of Otis Worldwide in the second quarter valued at approximately $40,000. Finally, Toth Financial Advisory Corp purchased a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.5%

NYSE OTIS opened at $86.82 on Thursday. The business’s 50-day moving average price is $90.25 and its 200 day moving average price is $91.81. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a market capitalization of $33.83 billion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 3.32 and a beta of 1.01.

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

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is 49.56%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on OTIS shares. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Wells Fargo & Company upped their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Finally, Barclays upped their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $103.71.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide 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 transaction, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

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.