Otis Worldwide Corporation $OTIS Shares Purchased by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 19.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,492 shares of the company’s stock after purchasing an additional 12,721 shares during the period. Pinnacle Financial Partners Inc’s holdings in Otis Worldwide were worth $7,085,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in Otis Worldwide during the second quarter worth approximately $721,614,000. Marshall Wace LLP raised its holdings in Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of Otis Worldwide during the second quarter worth $114,319,000. Finally, Canoe Financial LP boosted its holdings in shares of Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. This trade 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 at this hyperlink. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OTIS. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Tuesday, December 9th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $111.00 to $116.00 and gave the company an “overweight” rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $104.13.

Otis Worldwide Trading Down 0.2%

Shares of Otis Worldwide stock opened at $90.17 on Friday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock has a market cap of $35.14 billion, a price-to-earnings ratio of 26.60, a price-to-earnings-growth ratio of 2.65 and a beta of 1.02. The company has a fifty day moving average price of $88.33 and a 200 day moving average price of $90.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the firm posted $0.96 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. 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. Shareholders of record on Friday, November 14th were issued a $0.42 dividend. 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%.

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.