Vanguard Amends Otis Worldwide Stake; Holds 50.7M Shares

TL;DR

**Vanguard still owns a ton of Otis stock, good for stability.**

AI Summary

The Vanguard Group, a major investment firm based in Pennsylvania, filed an amendment to its SC 13G form on January 10, 2024, indicating its beneficial ownership of Otis Worldwide Corp common stock as of December 29, 2023. While Vanguard holds 0 shares with sole voting power, it possesses shared voting power over 19,907,046 shares and shared dispositive power over 50,757,696 shares. This filing is important for investors because it shows Vanguard remains a significant institutional holder, influencing Otis's stock stability and potentially its long-term strategy.

Why It Matters

This filing confirms Vanguard's continued substantial investment in Otis Worldwide, signaling institutional confidence and potentially reducing stock volatility due to a large, stable holder.

Risk Assessment

Risk Level: low — The filing indicates a stable institutional ownership, which generally reduces risk for existing shareholders.

Analyst Insight

Investors should note Vanguard's continued substantial, albeit passive, ownership as a sign of long-term institutional interest, which can contribute to stock stability. This filing doesn't suggest any immediate action but reinforces the company's institutional backing.

Key Numbers

• 0 — Sole Voting Power Shares (The Vanguard Group holds no shares with sole voting power.)
• 19,907,046 — Shared Voting Power Shares (The Vanguard Group has shared voting power over this many shares of Otis Worldwide Corp.)
• 50,757,696 — Shared Dispositive Power Shares (The Vanguard Group has shared dispositive power over this many shares of Otis Worldwide Corp.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and major institutional investor
• Otis Worldwide Corp (company) — subject company whose securities are being reported
• Pennsylvania (company) — place of organization for The Vanguard Group
• December 29, 2023 (date) — date of event requiring the filing
• January 10, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant stake in Otis Worldwide Corp. (The Vanguard Group) — high confidence, target: 2025-01-10
• Otis Worldwide Corp's stock will exhibit relative stability due to large institutional ownership. (Otis Worldwide Corp) — medium confidence, target: 2024-12-31

FAQ

Filing Documents

• tv0001-otisworldwidecorp.htm (SC 13G/A) — 11KB
• 0001104659-24-002848.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Otis Worldwide Corp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 1 Carrier Place Farmington, CT 06032

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 68902V107

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: January 10, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR