Coerente Capital Management Boosts Stake in Otis Worldwide Corporation $OTIS

Coerente Capital Management lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 48.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 162,028 shares of the company’s stock after acquiring an additional 53,049 shares during the period. Otis Worldwide accounts for approximately 2.6% of Coerente Capital Management’s portfolio, making the stock its 20th biggest holding. Coerente Capital Management’s holdings in Otis Worldwide were worth $14,814,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, November 5th. The stock was 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 $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of analyst reports. BNP Paribas raised Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. 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. Wells Fargo & Company dropped their price target on shares of 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. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday, December 9th. One equities 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $103.50.

Otis Worldwide Trading Down 1.7%

OTIS stock opened at $88.39 on Thursday. The firm has a market cap of $34.45 billion, a P/E ratio of 26.07, a P/E/G ratio of 3.18 and a beta of 1.02. The stock’s 50 day simple moving average is $88.52 and its 200 day simple moving average is $90.38. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month 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 for the quarter, beating the consensus estimate of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The firm’s revenue for the quarter 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. On average, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is currently 49.56%.

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.