Investment Research & Advisory Group Inc. Sells 19,637 Shares of Otis Worldwide Corporation $OTIS

Investment Research & Advisory Group Inc. lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 93.9% during the 3rd quarter, Holdings Channel reports. The firm owned 1,281 shares of the company’s stock after selling 19,637 shares during the period. Investment Research & Advisory Group Inc.’s holdings in Otis Worldwide were worth $118,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. Vanguard Group Inc. grew its holdings in Otis Worldwide by 4.3% during the 2nd 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 in the last quarter. Alliancebernstein L.P. boosted its position in shares of Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares during the last quarter. Geode Capital Management LLC grew its stake in Otis Worldwide by 1.2% during the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock valued at $1,057,594,000 after acquiring an additional 129,458 shares in the last quarter. Norges Bank bought a new stake in Otis Worldwide in the 2nd quarter valued at $721,614,000. Finally, PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after purchasing an additional 543,933 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the company’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 owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OTIS. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. JPMorgan Chase & Co. raised their price target on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Wall Street Zen raised Otis Worldwide from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Finally, Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $88.33 on Monday. The firm has a market capitalization of $34.42 billion, a PE ratio of 26.06, a PEG ratio of 3.13 and a beta of 1.02. The stock’s fifty day moving average is $88.71 and its 200 day moving average is $90.47. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83.

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

Otis Worldwide Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 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.