Otis Worldwide Corporation $OTIS is Cloverfields Capital Group LP’s 6th Largest Position

Cloverfields Capital Group LP boosted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 11.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 92,529 shares of the company’s stock after buying an additional 9,699 shares during the quarter. Otis Worldwide makes up about 2.5% of Cloverfields Capital Group LP’s holdings, making the stock its 6th biggest position. Cloverfields Capital Group LP’s holdings in Otis Worldwide were worth $8,082,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its stake in shares of Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after purchasing an additional 857 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Otis Worldwide by 63.7% during the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after purchasing an additional 1,574 shares during the last quarter. Baird Financial Group Inc. increased its stake in shares of Otis Worldwide by 7.1% during the 2nd quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock worth $3,193,000 after purchasing an additional 2,132 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Otis Worldwide by 13.3% during the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock worth $1,012,000 after purchasing an additional 1,196 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.9%

NYSE:OTIS opened at $70.77 on Friday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $101.42. The firm’s fifty day simple moving average is $75.04 and its 200 day simple moving average is $83.13. The firm has a market capitalization of $27.16 billion, a PE ratio of 18.82, a PEG ratio of 2.29 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last posted its earnings results 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 firm had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the previous year, the business posted $0.92 earnings per share. The business’s quarterly 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, analysts anticipate that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s payout ratio is 46.81%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OTIS. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research note on Friday, April 24th. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research note on Thursday, April 23rd. Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, Evercore began coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They set an “outperform” rating and a $100.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $97.58.

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.