Carnegie Investment Counsel Purchases 38,931 Shares of Otis Worldwide Corporation $OTIS

Carnegie Investment Counsel raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 19.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 234,368 shares of the company’s stock after acquiring an additional 38,931 shares during the period. Carnegie Investment Counsel’s holdings in Otis Worldwide were worth $21,428,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Advisory Services LLC boosted its position in shares of Otis Worldwide by 1.9% during the 1st quarter. Kestra Advisory Services LLC now owns 18,408 shares of the company’s stock valued at $1,900,000 after acquiring an additional 335 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Otis Worldwide by 21.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 35,191 shares of the company’s stock valued at $3,632,000 after purchasing an additional 6,326 shares during the last quarter. Ieq Capital LLC increased its holdings in shares of Otis Worldwide by 5.3% in the 1st quarter. Ieq Capital LLC now owns 6,247 shares of the company’s stock worth $645,000 after buying an additional 314 shares during the last quarter. B. Metzler seel. Sohn & Co. AG raised its position in shares of Otis Worldwide by 5.5% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 34,806 shares of the company’s stock valued at $3,592,000 after buying an additional 1,823 shares in the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of Otis Worldwide during the 1st quarter worth $551,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.3%

Shares of OTIS stock opened at $87.61 on Friday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock has a market capitalization of $34.14 billion, a P/E ratio of 25.84, a P/E/G ratio of 3.35 and a beta of 1.01. The firm’s 50 day moving average is $89.14 and its 200 day moving average is $90.82.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating 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 firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the prior year, the firm earned $0.96 EPS. The company’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. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Insider Activity at Otis Worldwide

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

Wall Street Analyst Weigh In

A number of research analysts recently commented on OTIS shares. Barclays increased their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday. BNP Paribas upgraded shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $103.50.

About Otis Worldwide

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.