Otis Worldwide Corporation $OTIS Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 63.3% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 140,588 shares of the company’s stock after selling 242,641 shares during the period. Voya Investment Management LLC’s holdings in Otis Worldwide were worth $12,854,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. purchased a new position in shares of Otis Worldwide during the first quarter worth $612,000. CW Advisors LLC raised its holdings in shares of Otis Worldwide by 42.0% in the 1st quarter. CW Advisors LLC now owns 3,615 shares of the company’s stock valued at $373,000 after buying an additional 1,070 shares during the period. Compound Planning Inc. acquired a new position in Otis Worldwide during the 1st quarter worth about $314,000. Kestra Advisory Services LLC boosted its holdings in Otis Worldwide by 1.9% during the 1st quarter. Kestra Advisory Services LLC now owns 18,408 shares of the company’s stock valued at $1,900,000 after acquiring an additional 335 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in Otis Worldwide by 21.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 35,191 shares of the company’s stock valued at $3,632,000 after acquiring an additional 6,326 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 15th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Tuesday, December 9th. JPMorgan Chase & Co. lifted 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. Finally, Wall Street Zen upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $103.50.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $87.25 on Tuesday. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The stock has a market cap of $34.00 billion, a P/E ratio of 25.74, a P/E/G ratio of 3.32 and a beta of 1.01. The stock has a 50-day simple moving average of $89.40 and a 200-day simple moving average of $90.97.

Otis Worldwide (NYSE:OTIS) last issued its 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 business had revenue of $3.69 billion for the quarter, compared to analyst estimates 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 quarter last year, the company earned $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction 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 directly owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

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.