Otis Worldwide Corporation $OTIS Shares Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 17.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 265,742 shares of the company’s stock after buying an additional 40,400 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Otis Worldwide were worth $24,297,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Otis Worldwide by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after acquiring an additional 1,991,860 shares during the period. Alliancebernstein L.P. raised its stake in shares of Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after purchasing an additional 603,860 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Otis Worldwide by 1.2% during the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after purchasing an additional 129,458 shares during the period. Norges Bank purchased a new stake in Otis Worldwide in the second quarter valued at approximately $721,614,000. Finally, PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after buying an additional 543,933 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS opened at $88.39 on Thursday. The firm has a fifty day moving average price of $88.52 and a 200 day moving average price of $90.38. 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 $34.45 billion, a P/E ratio of 26.07, a P/E/G ratio of 3.18 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 EPS for the quarter, beating 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 company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same quarter last year, the business earned $0.96 earnings per share. The firm’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 expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

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

Analyst Ratings Changes

A number of research firms have issued reports on OTIS. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Tuesday, December 9th. Finally, Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $103.50.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’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 owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is currently owned by corporate 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.