CIBC Asset Management Inc Lowers Holdings in Otis Worldwide Corporation $OTIS

CIBC Asset Management Inc reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 9.5% in the third quarter, Holdings Channel reports. The firm owned 162,237 shares of the company’s stock after selling 17,088 shares during the period. CIBC Asset Management Inc’s holdings in Otis Worldwide were worth $14,830,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in OTIS. Root Financial Partners LLC purchased a new position in Otis Worldwide during the third quarter worth about $26,000. Chilton Capital Management LLC bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $31,000. Nemes Rush Group LLC grew its holdings in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. bought a new position in shares of Otis Worldwide in the third quarter worth approximately $31,000. Finally, MTM Investment Management LLC purchased a new stake in Otis Worldwide in the second quarter valued at approximately $40,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.4%

NYSE OTIS opened at $90.60 on Tuesday. The company has a 50-day simple moving average of $88.35 and a two-hundred day simple moving average of $89.52. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm has a market cap of $35.31 billion, a price-to-earnings ratio of 26.73, a PEG ratio of 2.63 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.00 by $0.05. The firm 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 company’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s dividend 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 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 directly owned 2,628 shares in the company, valued at approximately $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 accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of research reports. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Barclays raised their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $104.13.

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.