Otis Worldwide Corporation $OTIS is Canoe Financial LP’s 7th Largest Position

Canoe Financial LP grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 64.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,411,956 shares of the company’s stock after acquiring an additional 940,862 shares during the period. Otis Worldwide accounts for approximately 3.1% of Canoe Financial LP’s holdings, making the stock its 7th largest holding. Canoe Financial LP’s holdings in Otis Worldwide were worth $220,525,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after purchasing an additional 603,860 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after purchasing an additional 129,458 shares during the last quarter. Norges Bank purchased a new position in Otis Worldwide in the 2nd quarter worth $721,614,000. Finally, PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 13.3% in the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after purchasing an additional 543,933 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $87.90 on Friday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm has a market cap of $34.26 billion, a P/E ratio of 25.93, a P/E/G ratio of 3.35 and a beta of 1.01. The business’s 50 day moving average price is $89.22 and its 200-day moving average price is $90.87.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The company had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm’s revenue was up 4.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s payout ratio is presently 49.56%.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent research reports. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Wall Street Zen raised Otis Worldwide from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $103.50.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were 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 in the company, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.23% of the company’s stock.

Otis Worldwide 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.