Legal & General Group Plc Has $277.78 Million Stock Position in Otis Worldwide Corporation $OTIS

Legal & General Group Plc raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,805,335 shares of the company’s stock after purchasing an additional 58,165 shares during the period. Legal & General Group Plc owned 0.71% of Otis Worldwide worth $277,784,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of OTIS. Allianz Asset Management GmbH lifted its holdings in Otis Worldwide by 131.5% in the first quarter. Allianz Asset Management GmbH now owns 123,969 shares of the company’s stock valued at $12,794,000 after buying an additional 70,421 shares during the period. Venturi Wealth Management LLC grew its holdings in Otis Worldwide by 159.3% during the 1st quarter. Venturi Wealth Management LLC now owns 2,404 shares of the company’s stock worth $248,000 after acquiring an additional 1,477 shares during the period. Wedbush Securities Inc. raised its position in shares of Otis Worldwide by 11.2% during the 1st quarter. Wedbush Securities Inc. now owns 7,146 shares of the company’s stock valued at $737,000 after acquiring an additional 719 shares during the last quarter. AE Wealth Management LLC raised its position in shares of Otis Worldwide by 14.6% during the 1st quarter. AE Wealth Management LLC now owns 3,412 shares of the company’s stock valued at $352,000 after acquiring an additional 434 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its position in shares of Otis Worldwide by 5.6% during the 1st quarter. Pinnacle Associates Ltd. now owns 19,146 shares of the company’s stock valued at $1,976,000 after acquiring an additional 1,017 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Up 1.3%

Shares of NYSE:OTIS opened at $88.02 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company’s fifty day simple moving average is $90.48 and its 200 day simple moving average is $92.34. The firm has a market cap of $34.30 billion, a price-to-earnings ratio of 25.96, a PEG ratio of 3.36 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its 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 firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations 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 revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Research 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 announced a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be paid a $0.42 dividend. The ex-dividend date is Friday, November 14th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on OTIS shares. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Barclays raised their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Wednesday. Royal Bank Of Canada cut their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Finally, Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $103.71.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is currently owned by company 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.