J. Safra Sarasin Holding AG Purchases 28,639 Shares of Otis Worldwide Corporation $OTIS

J. Safra Sarasin Holding AG increased its position in Otis Worldwide Corporation (NYSE:OTIS) by 8.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 368,029 shares of the company’s stock after purchasing an additional 28,639 shares during the quarter. J. Safra Sarasin Holding AG’s holdings in Otis Worldwide were worth $33,649,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in OTIS. Phoenix Financial Ltd. purchased a new position in Otis Worldwide during the third quarter valued at $239,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of Otis Worldwide by 8.3% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 18,929 shares of the company’s stock worth $1,733,000 after buying an additional 1,444 shares during the period. Oxbow Advisors LLC increased its stake in shares of Otis Worldwide by 3.1% in the 3rd quarter. Oxbow Advisors LLC now owns 31,466 shares of the company’s stock worth $2,877,000 after acquiring an additional 934 shares in the last quarter. Dash Acquisitions Inc. lifted its position in Otis Worldwide by 6.6% during the 3rd quarter. Dash Acquisitions Inc. now owns 14,592 shares of the company’s stock valued at $1,363,000 after acquiring an additional 902 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Otis Worldwide by 48.2% during the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 422,400 shares of the company’s stock worth $38,620,000 after acquiring an additional 137,458 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $90.60 on Tuesday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The company has a market capitalization of $35.31 billion, a P/E ratio of 26.73, a P/E/G ratio of 2.63 and a beta of 1.02. The company has a fifty day moving average of $88.35 and a 200 day moving average of $89.52.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $3.69 billion for 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 business’s quarterly revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, November 14th. Otis Worldwide’s dividend payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Barclays raised their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.13.

Insider Transactions at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide 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 owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

About Otis Worldwide

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.