Millennium Management LLC Purchases 2,179,314 Shares of Otis Worldwide Corporation $OTIS

Millennium Management LLC lifted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1,047.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,387,466 shares of the company’s stock after purchasing an additional 2,179,314 shares during the period. Millennium Management LLC’s holdings in Otis Worldwide were worth $208,545,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Camelot Portfolios LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $26,000. Stance Capital LLC bought a new stake in shares of Otis Worldwide during the third quarter worth about $27,000. Elevation Wealth Partners LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $32,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $33,000. Finally, Board of the Pension Protection Fund bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $35,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OTIS. Royal Bank Of Canada reduced their price target on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. Morgan Stanley set a $88.00 target price on Otis Worldwide in a report on Friday, April 24th. Evercore assumed coverage on Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 target price on the stock. Sanford C. Bernstein assumed coverage on Otis Worldwide in a report on Tuesday, June 9th. They issued an “outperform” rating and a $97.00 target price on the stock. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $97.58.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $72.75 on Thursday. The business’s 50 day simple moving average is $74.72 and its 200 day simple moving average is $82.77. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.42. The stock has a market capitalization of $27.91 billion, a PE ratio of 19.35, a PEG ratio of 2.40 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing the consensus estimate 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 company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the previous year, the company earned $0.92 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, research analysts expect that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were issued a $0.44 dividend. The ex-dividend date was Friday, May 15th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.4%. Otis Worldwide’s dividend payout ratio (DPR) 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.