Korea Investment CORP Boosts Stock Holdings in Otis Worldwide Corporation $OTIS

Korea Investment CORP grew its position in Otis Worldwide Corporation (NYSE:OTIS) by 19.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 353,915 shares of the company’s stock after purchasing an additional 56,636 shares during the period. Korea Investment CORP’s holdings in Otis Worldwide were worth $35,045,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in OTIS. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new position in Otis Worldwide in the 1st quarter valued at $612,000. State of Wyoming increased its position in shares of Otis Worldwide by 278.6% during the 1st quarter. State of Wyoming now owns 7,406 shares of the company’s stock valued at $764,000 after purchasing an additional 5,450 shares during the last quarter. Groupe la Francaise increased its position in shares of Otis Worldwide by 14.2% during the 1st quarter. Groupe la Francaise now owns 43,418 shares of the company’s stock valued at $4,472,000 after purchasing an additional 5,391 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Otis Worldwide by 53.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 470,781 shares of the company’s stock worth $48,585,000 after purchasing an additional 163,231 shares during the period. 88.03% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wells Fargo & Company boosted their target price on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Tuesday. Finally, Barclays upped their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average target price of $103.71.

Otis Worldwide Stock Up 0.3%

Shares of NYSE:OTIS opened at $88.85 on Friday. The firm has a market capitalization of $34.63 billion, a PE ratio of 26.21, a P/E/G ratio of 3.38 and a beta of 1.00. The company has a 50-day moving average price of $90.35 and a two-hundred day moving average price of $92.06. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be given a dividend of $0.42 per share. The ex-dividend date is Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. 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 Otis Worldwide stock in a transaction 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 approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is owned by insiders.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.