Resona Asset Management Co. Ltd. Has $11.35 Million Stock Position in Otis Worldwide Corporation $OTIS

Resona Asset Management Co. Ltd. cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 12.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,183 shares of the company’s stock after selling 17,351 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Otis Worldwide were worth $11,351,000 as of its most recent SEC filing.

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

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $90.96 on Monday. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The business has a fifty day moving average of $88.30 and a two-hundred day moving average of $89.58. The stock has a market cap of $35.45 billion, a PE ratio of 26.83, a PEG ratio of 2.63 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last announced 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 business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same quarter last year, the company posted $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Analyst Ratings Changes

Several equities analysts have commented on the company. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Tuesday, December 9th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Barclays boosted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $111.00 to $116.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $104.13.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 sale, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by insiders.

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.