Railway Pension Investments Ltd Reduces Holdings in Otis Worldwide Corporation $OTIS

Railway Pension Investments Ltd reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 10.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 470,100 shares of the company’s stock after selling 55,900 shares during the quarter. Railway Pension Investments Ltd owned about 0.12% of Otis Worldwide worth $46,549,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 6.7% in 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. acquired a new stake in Otis Worldwide during the first quarter worth $612,000. State of Wyoming raised its position in Otis Worldwide by 278.6% in the first 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 period. Groupe la Francaise raised its position in Otis Worldwide by 14.2% in the first 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 period. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Otis Worldwide by 53.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 470,781 shares of the company’s stock valued at $48,585,000 after purchasing an additional 163,231 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $88.85 on Friday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm has a market capitalization of $34.63 billion, a P/E ratio of 26.21, a P/E/G ratio of 3.39 and a beta of 1.00. The business’s 50-day moving average is $90.35 and its two-hundred day moving average is $92.02.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted 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. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Tuesday. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Finally, Barclays increased their target price on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $103.71.

Insiders Place Their Bets

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.23% of the stock is currently owned by corporate 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.