Capital Research Global Investors Raises Holdings in Otis Worldwide Corporation $OTIS

Capital Research Global Investors lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,843,926 shares of the company’s stock after buying an additional 18,189 shares during the period. Capital Research Global Investors’ holdings in Otis Worldwide were worth $248,417,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of OTIS. Norges Bank purchased a new position in shares of Otis Worldwide during the 4th quarter worth approximately $770,125,000. Van ECK Associates Corp raised its stake in shares of Otis Worldwide by 3,464.3% during the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock worth $184,942,000 after buying an additional 1,966,019 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after buying an additional 1,445,904 shares in the last quarter. Squarepoint Ops LLC raised its stake in shares of Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock worth $185,612,000 after buying an additional 1,352,530 shares in the last quarter. Finally, Independent Franchise Partners LLP purchased a new position in shares of Otis Worldwide during the 3rd quarter worth approximately $100,435,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OTIS. Evercore began coverage on Otis Worldwide in a research note on Monday, April 13th. They set an “outperform” rating and a $100.00 target price for the company. Barclays cut their target price on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research note on Thursday, April 23rd. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Weiss Ratings cut Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Finally, UBS Group set a $105.00 price target on Otis Worldwide in a report on Thursday, April 23rd. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $97.64.

Otis Worldwide Price Performance

OTIS opened at $70.41 on Monday. The stock has a market cap of $27.02 billion, a P/E ratio of 18.73, a P/E/G ratio of 2.29 and a beta of 0.91. The stock’s 50 day simple moving average is $75.70 and its 200 day simple moving average is $83.70. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.2 EPS 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. Investors of record on Friday, May 15th will be issued a $0.44 dividend. The ex-dividend date is Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s payout ratio is currently 46.81%.

Otis Worldwide Company Profile

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.