Robeco Institutional Asset Management B.V. Sells 11,434 Shares of Otis Worldwide Corporation $OTIS

Robeco Institutional Asset Management B.V. trimmed its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 11.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,257 shares of the company’s stock after selling 11,434 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Otis Worldwide were worth $8,161,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cohen Capital Management Inc. grew its stake in Otis Worldwide by 4.0% during the third quarter. Cohen Capital Management Inc. now owns 49,896 shares of the company’s stock valued at $4,562,000 after acquiring an additional 1,900 shares in the last quarter. Letson Investment Management Inc. grew its position in shares of Otis Worldwide by 4.7% during the third quarter. Letson Investment Management Inc. now owns 28,433 shares of the company’s stock valued at $2,600,000 after purchasing an additional 1,269 shares in the last quarter. Earned Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the third quarter worth about $210,000. Asset Management One Co. Ltd. increased its holdings in shares of Otis Worldwide by 1.7% in the third quarter. Asset Management One Co. Ltd. now owns 167,248 shares of the company’s stock worth $15,291,000 after purchasing an additional 2,809 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. boosted its stake in Otis Worldwide by 6.8% during the third quarter. Penobscot Investment Management Company Inc. now owns 6,324 shares of the company’s stock valued at $578,000 after buying an additional 400 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on OTIS shares. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Barclays upped 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. 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 assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $103.50.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $90.20 on Friday. The stock has a 50 day moving average price of $88.43 and a 200 day moving average price of $90.34. The firm has a market capitalization of $35.15 billion, a P/E ratio of 26.61, a P/E/G ratio of 3.20 and a beta of 1.02. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last released 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 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 business’s revenue for the quarter was up 4.0% compared to the same quarter last year. 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. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Insider Activity

In related 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

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.