Otis Worldwide Co. (NYSE:OTIS) Shares Sold by SouthState Corp

SouthState Corp decreased its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.0% in the third quarter, Holdings Channel reports. The fund owned 6,233 shares of the company’s stock after selling 325 shares during the period. SouthState Corp’s holdings in Otis Worldwide were worth $513,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Otis Worldwide by 3.9% during the 3rd quarter. BlackRock Inc. now owns 36,709,140 shares of the company’s stock worth $3,020,428,000 after buying an additional 1,372,775 shares during the last quarter. FMR LLC increased its holdings in shares of Otis Worldwide by 43.6% during the 2nd quarter. FMR LLC now owns 11,981,167 shares of the company’s stock worth $979,701,000 after buying an additional 3,640,221 shares during the last quarter. Fiera Capital Corp boosted its position in shares of Otis Worldwide by 0.4% during the 2nd quarter. Fiera Capital Corp now owns 10,261,976 shares of the company’s stock worth $583,496,000 after purchasing an additional 38,412 shares during the period. Geode Capital Management LLC boosted its position in shares of Otis Worldwide by 6.6% during the 2nd quarter. Geode Capital Management LLC now owns 8,051,334 shares of the company’s stock worth $657,226,000 after purchasing an additional 495,981 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Otis Worldwide by 21.7% during the 2nd quarter. Invesco Ltd. now owns 6,142,568 shares of the company’s stock worth $502,277,000 after purchasing an additional 1,093,261 shares during the period. Institutional investors own 82.29% of the company’s stock.

A number of research firms recently weighed in on OTIS. Vertical Research began coverage on shares of Otis Worldwide in a research report on Friday, October 8th. They set a “sell” rating and a $72.00 price objective for the company. Wells Fargo & Company began coverage on shares of Otis Worldwide in a research report on Thursday, October 7th. They issued an “underweight” rating and a $72.00 price target for the company. Credit Suisse Group raised their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company a “neutral” rating in a research report on Tuesday, October 26th. Finally, Barclays decreased their price target on shares of Otis Worldwide from $89.00 to $88.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $82.49.

Shares of NYSE:OTIS opened at $84.87 on Friday. The company’s fifty day moving average price is $84.67 and its 200 day moving average price is $85.71. Otis Worldwide Co. has a 12 month low of $61.28 and a 12 month high of $92.84. The firm has a market capitalization of $36.05 billion, a P/E ratio of 30.41 and a beta of 0.94.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Sunday, October 24th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.55 billion. Otis Worldwide had a net margin of 8.55% and a negative return on equity of 38.50%. Otis Worldwide’s quarterly revenue was up 10.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.69 earnings per share. Research analysts anticipate that Otis Worldwide Co. will post 2.97 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 10th. Shareholders of record on Friday, November 19th were paid a $0.24 dividend. The ex-dividend date was Thursday, November 18th. This represents a $0.96 dividend on an annualized basis and a yield of 1.13%. Otis Worldwide’s dividend payout ratio is presently 34.04%.

Otis Worldwide Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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