Investment Research & Advisory Group Inc. Cuts Stake in Otis Worldwide Corporation $OTIS

Investment Research & Advisory Group Inc. lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 93.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,281 shares of the company’s stock after selling 19,637 shares during the quarter. Investment Research & Advisory Group Inc.’s holdings in Otis Worldwide were worth $118,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of OTIS. Chilton Capital Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter valued at approximately $31,000. Nemes Rush Group LLC boosted its stake in Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide in the 1st quarter worth $38,000. MTM Investment Management LLC purchased a new position in shares of Otis Worldwide in the second quarter worth $40,000. Finally, Toth Financial Advisory Corp purchased a new stake in shares of Otis Worldwide during the second quarter valued at $45,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

NYSE OTIS opened at $88.33 on Monday. The business’s fifty day moving average is $88.71 and its 200 day moving average is $90.47. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a market capitalization of $34.42 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 3.13 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last issued 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. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the prior year, the business posted $0.96 earnings per share. The business’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. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a $0.42 dividend. 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 dividend payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target 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. Wall Street Zen upgraded Otis Worldwide from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. BNP Paribas Exane raised 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, Wells Fargo & Company cut their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $103.50.

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.