Cerity Partners LLC Purchases 73,229 Shares of Otis Worldwide Corporation $OTIS

Cerity Partners LLC raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 21.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 415,053 shares of the company’s stock after acquiring an additional 73,229 shares during the quarter. Cerity Partners LLC’s holdings in Otis Worldwide were worth $37,948,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of OTIS. Vanguard Group Inc. lifted its stake in Otis Worldwide by 4.3% in the 2nd 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 last quarter. Alliancebernstein L.P. raised its stake 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 buying an additional 603,860 shares during the period. Geode Capital Management LLC raised its stake in Otis Worldwide by 1.2% in the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after buying an additional 129,458 shares during the period. Norges Bank acquired a new stake in shares of Otis Worldwide in the second quarter valued at approximately $721,614,000. Finally, PineStone Asset Management Inc. boosted its stake in shares of Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after acquiring an additional 543,933 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OTIS shares. Wells Fargo & Company dropped their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. 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 report on Wednesday, October 15th. Wall Street Zen upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Finally, 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 report on Tuesday, December 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $103.50.

Otis Worldwide Trading Up 2.1%

NYSE OTIS opened at $90.31 on Friday. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company has a 50 day moving average of $88.48 and a 200-day moving average of $90.38. The company has a market cap of $35.20 billion, a price-to-earnings ratio of 26.64, a PEG 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

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

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’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 completion of the sale, the chief accounting officer 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Company 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.