Mitsubishi UFJ Asset Management Co. Ltd. Boosts Position in Otis Worldwide Corporation $OTIS

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Otis Worldwide Corporation (NYSE:OTIS) by 11.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,632,335 shares of the company’s stock after buying an additional 494,259 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 1.18% of Otis Worldwide worth $458,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Cheviot Value Management LLC bought a new position in Otis Worldwide in the first quarter worth approximately $31,000. Chilton Capital Management LLC bought a new stake in Otis Worldwide during the 2nd quarter valued at $31,000. Flaharty Asset Management LLC purchased a new stake in shares of Otis Worldwide in the 1st quarter worth $38,000. Toth Financial Advisory Corp bought a new position in shares of Otis Worldwide during the 2nd quarter worth $45,000. Finally, Ransom Advisory Ltd purchased a new position in shares of Otis Worldwide during the first quarter valued at $48,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.1%

NYSE:OTIS opened at $91.09 on Friday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a market cap of $35.50 billion, a PE ratio of 26.87, a P/E/G ratio of 3.48 and a beta of 1.00. The company’s 50 day moving average is $90.17 and its two-hundred day moving average is $92.82.

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. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The business had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the previous year, the firm posted $0.96 earnings per share. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OTIS. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Wells Fargo & Company upped their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $104.88.

Insider Buying and Selling at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the completion of the transaction, the chief accounting officer directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.