State of Alaska Department of Revenue Has $5.49 Million Stock Holdings in Otis Worldwide Corporation $OTIS

State of Alaska Department of Revenue grew its position in Otis Worldwide Corporation (NYSE:OTIS) by 35.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,108 shares of the company’s stock after purchasing an additional 15,822 shares during the quarter. State of Alaska Department of Revenue’s holdings in Otis Worldwide were worth $5,494,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Atlantic Union Bankshares Corp lifted its holdings in shares of Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after acquiring an additional 18,881 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Otis Worldwide by 11.6% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 50,066 shares of the company’s stock worth $4,958,000 after purchasing an additional 5,200 shares in the last quarter. Natixis raised its position in Otis Worldwide by 226.4% in the second quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after purchasing an additional 58,286 shares in the last quarter. Carnegie Investment Counsel lifted its stake in Otis Worldwide by 19.9% during the third quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock worth $21,428,000 after purchasing an additional 38,931 shares during the period. Finally, Canoe Financial LP boosted its holdings in Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock valued at $220,525,000 after purchasing an additional 940,862 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the 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 directly owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $90.20 on Friday. The business’s fifty day moving average is $88.43 and its two-hundred day moving average is $90.29. The firm has a market cap of $35.15 billion, a P/E ratio of 26.61, a P/E/G ratio of 3.19 and a beta of 1.02. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating 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 negative return on equity of 30.67% and a net margin of 9.41%.The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was 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 currently 49.56%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on OTIS shares. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday, October 15th. Finally, BNP Paribas raised shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $103.50.

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.