Qube Research & Technologies Ltd Invests $114.32 Million in Otis Worldwide Corporation $OTIS

Qube Research & Technologies Ltd acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,154,504 shares of the company’s stock, valued at approximately $114,319,000. Qube Research & Technologies Ltd owned approximately 0.29% of Otis Worldwide at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. iSAM Funds UK Ltd grew its position in Otis Worldwide by 56.4% during the second quarter. iSAM Funds UK Ltd now owns 25,586 shares of the company’s stock valued at $2,534,000 after acquiring an additional 9,230 shares during the last quarter. Lombard Odier Asset Management USA Corp bought a new stake in shares of Otis Worldwide in the 2nd quarter worth approximately $245,000. Daiwa Securities Group Inc. boosted its stake in shares of Otis Worldwide by 25.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 70,624 shares of the company’s stock valued at $6,993,000 after purchasing an additional 14,151 shares in the last quarter. CoreFirst Bank & Trust bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $62,000. Finally, Natixis grew its holdings in shares of Otis Worldwide by 226.4% during the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock valued at $8,320,000 after purchasing an additional 58,286 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’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 transaction, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on OTIS shares. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday. 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. Barclays boosted their target price on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $103.88.

Otis Worldwide Trading Up 0.9%

OTIS stock opened at $87.84 on Thursday. The stock has a market capitalization of $34.23 billion, a price-to-earnings ratio of 25.91, a PEG ratio of 3.32 and a beta of 1.01. The firm’s 50-day moving average price is $89.84 and its two-hundred day moving average price is $91.43. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period last year, the firm earned $0.96 earnings per share. Otis Worldwide’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. Equities analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 49.56%.

Otis Worldwide 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.