Otis Worldwide Corporation $OTIS Shares Acquired by Marshall Wace LLP

Marshall Wace LLP increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5,291.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,844,524 shares of the company’s stock after acquiring an additional 2,791,765 shares during the quarter. Marshall Wace LLP’s holdings in Otis Worldwide were worth $281,665,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OTIS. Great Diamond Partners LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $312,000. Baird Financial Group Inc. lifted its position in Otis Worldwide by 7.1% in the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock valued at $3,193,000 after acquiring an additional 2,132 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Otis Worldwide by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 4,517 shares of the company’s stock valued at $447,000 after acquiring an additional 1,467 shares during the last quarter. Invesco Ltd. boosted its stake in Otis Worldwide by 6.9% in the second quarter. Invesco Ltd. now owns 4,529,221 shares of the company’s stock valued at $448,483,000 after acquiring an additional 290,621 shares in the last quarter. Finally, CW Advisors LLC grew its holdings in shares of Otis Worldwide by 45.2% during the second quarter. CW Advisors LLC now owns 5,248 shares of the company’s stock worth $520,000 after purchasing an additional 1,633 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the subject of several research reports. Wells Fargo & Company boosted their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday. Finally, Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $103.71.

Insider Buying and Selling

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by insiders.

Otis Worldwide Trading Down 0.1%

NYSE:OTIS opened at $86.88 on Friday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock’s 50 day simple moving average is $90.20 and its 200-day simple moving average is $91.77. The firm has a market cap of $33.86 billion, a P/E ratio of 25.63, a PEG ratio of 3.31 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.05. The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The company’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the company earned $0.96 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS 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 issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s dividend payout ratio is currently 49.56%.

About Otis Worldwide

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.