Geode Capital Management LLC Has $1.06 Billion Stock Position in Otis Worldwide Corporation $OTIS

Geode Capital Management LLC boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,673,127 shares of the company’s stock after purchasing an additional 129,458 shares during the period. Geode Capital Management LLC owned 2.72% of Otis Worldwide worth $1,057,594,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Schechter Investment Advisors LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth approximately $264,000. Signaturefd LLC increased its holdings in Otis Worldwide by 12.8% during the first quarter. Signaturefd LLC now owns 6,430 shares of the company’s stock worth $664,000 after buying an additional 729 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in Otis Worldwide by 0.9% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 18,136 shares of the company’s stock worth $1,872,000 after buying an additional 163 shares during the last quarter. Wealthfront Advisers LLC raised its position in Otis Worldwide by 9.3% during the first quarter. Wealthfront Advisers LLC now owns 43,306 shares of the company’s stock worth $4,469,000 after acquiring an additional 3,684 shares in the last quarter. Finally, Bridgewater Advisors Inc. acquired a new stake in Otis Worldwide in the first quarter valued at $213,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on OTIS. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Wells Fargo & Company raised their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Finally, Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $103.71.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction 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 in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Stock Down 0.4%

Otis Worldwide stock opened at $90.61 on Friday. The company’s 50-day moving average price is $90.52 and its two-hundred day moving average price is $92.71. The stock has a market cap of $35.31 billion, a P/E ratio of 26.73, a P/E/G ratio of 3.47 and a beta of 1.00. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the company posted $0.96 earnings per share. The business’s 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 anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.