Sierra Legacy Group Has $949,000 Stake in Otis Worldwide Corporation $OTIS

Sierra Legacy Group boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 264.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,380 shares of the company’s stock after buying an additional 7,530 shares during the period. Sierra Legacy Group’s holdings in Otis Worldwide were worth $949,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Berkshire Money Management Inc. lifted its stake in shares of Otis Worldwide by 5.0% in the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after purchasing an additional 100 shares during the period. Park Avenue Securities LLC increased its holdings in Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares during the last quarter. OLD National Bancorp IN increased its holdings in Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after purchasing an additional 118 shares during the last quarter. PFG Investments LLC lifted its stake in Otis Worldwide by 3.7% in the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after buying an additional 121 shares during the period. Finally, PKS Advisory Services LLC boosted its holdings in Otis Worldwide by 4.9% during the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock worth $255,000 after buying an additional 121 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent analyst reports. Barclays upped their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. BNP Paribas raised shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $111.00 to $116.00 and gave the stock an “overweight” rating in a research report on Friday. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $104.13.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s 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 in the company, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.2%

Shares of NYSE:OTIS opened at $90.17 on Friday. The firm has a market cap of $35.14 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 2.65 and a beta of 1.02. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company’s fifty day simple moving average is $88.33 and its 200 day simple moving average is $90.00.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

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.