Arrowstreet Capital Limited Partnership significantly increased its holdings in Otis Worldwide Corporation (NYSE: OTIS) by 109.6% during the second quarter of 2024. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission, Arrowstreet now owns 1,005,980 shares, having acquired an additional 525,975 shares over the quarter. The total value of its holdings in Otis Worldwide reached approximately $99,612,000.
Several other institutional investors also adjusted their positions in Otis Worldwide. Notably, Chilton Capital Management LLC purchased a new stake valued at around $31,000 during the same period. Nemes Rush Group LLC increased its holdings by 75.4%, now owning 314 shares worth $31,000 after purchasing an additional 135 shares. Additionally, Flaharty Asset Management LLC initiated a stake valued at approximately $38,000, while MTM Investment Management LLC and Toth Financial Advisory Corp acquired positions worth $40,000 and $45,000, respectively. Overall, institutional investors control 88.03% of Otis Worldwide’s stock.
Current Trading Performance and Dividend Announcement
As of Thursday, Otis Worldwide shares opened at $86.82, reflecting a 0.5% decrease. The company’s 50-day moving average stands at $90.25, while the 200-day moving average is $91.81. Over the past year, shares have fluctuated between a low of $84.25 and a high of $106.83. With a market capitalization of $33.83 billion, Otis Worldwide has a price-to-earnings (P/E) ratio of 25.61 and a price-to-earnings-growth (PEG) ratio of 3.32.
In addition to its stock performance, Otis Worldwide announced a quarterly dividend of $0.42 per share, scheduled for payment on December 5, 2024. Shareholders of record on November 14, 2024 will receive this dividend. The ex-dividend date is also set for November 14. The total annualized dividend amounts to $1.68, yielding approximately 1.9%. The company’s dividend payout ratio is reported at 49.56%.
Analyst Ratings and Insider Transactions
Recent analysis from various equities research firms has provided insights into Otis Worldwide’s market position. Zacks Research upgraded the stock from a “strong sell” to a “hold” rating on October 14, 2024. Wolfe Research has set a price target of $109.00 with an “outperform” rating, while Wells Fargo & Company raised its price objective from $93.00 to $95.00, maintaining an “equal weight” rating.
Other notable ratings include JPMorgan Chase & Co., which increased its target from $105.00 to $111.00 with an “overweight” rating, and Barclays, which raised its target from $90.00 to $92.00, issuing an “underweight” rating. Currently, three analysts have assigned a Buy rating, five have a Hold rating, and one has issued a Sell rating. The consensus rating remains at “Hold,” with an average target price of $103.71.
In a related development, Michael Patrick Ryan, Chief Accounting Officer, sold 3,028 shares of Otis Worldwide on November 5, 2024, at an average price of $91.69, totaling approximately $277,637.32. Following this transaction, he holds 2,628 shares valued at around $240,961.32, reflecting a significant decrease in his position.
Otis Worldwide Corporation is engaged in the manufacturing, installation, and servicing of elevators and escalators, with operations spanning the United States, China, and beyond. The company is divided into two main segments: New Equipment and Service, focusing on a wide range of products for residential, commercial, and infrastructure projects.
