Handelsbanken Fonder AB lowered its stake in Otis Worldwide Corporation (NYSE:OTIS – Free Report) by 12.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 198,352 shares of the company’s stock after selling 27,130 shares during the period. Handelsbanken Fonder AB owned 0.05% of Otis Worldwide worth $17,326,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $26,000. Stance Capital LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $27,000. Camelot Portfolios LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $26,000. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $31,000. Finally, Westside Investment Management Inc. increased its holdings in shares of Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.
Analyst Upgrades and Downgrades
OTIS has been the subject of a number of research reports. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Evercore initiated coverage on shares of Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price target for the company. Barclays lowered their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a report on Thursday, April 23rd. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Finally, UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $97.64.
Otis Worldwide Stock Performance
Shares of OTIS stock opened at $71.24 on Thursday. Otis Worldwide Corporation has a 52-week low of $69.72 and a 52-week high of $101.42. The stock has a market cap of $27.34 billion, a PE ratio of 18.95, a PEG ratio of 2.32 and a beta of 0.95. The firm’s 50 day moving average price is $78.18 and its two-hundred day moving average price is $85.33.
Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same period in the previous year, the business posted $0.92 earnings per share. Otis Worldwide’s revenue was up 6.4% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, sell-side analysts predict that Otis Worldwide Corporation will post 4.19 earnings per share for the current fiscal year.
Otis Worldwide Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be given a dividend of $0.44 per share. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, May 15th. Otis Worldwide’s payout ratio is 46.81%.
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.
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