R Squared Ltd Cuts Position in Otis Worldwide Corporation $OTIS

R Squared Ltd lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 85.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,623 shares of the company’s stock after selling 14,841 shares during the quarter. R Squared Ltd’s holdings in Otis Worldwide were worth $202,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. State Street Corp increased its holdings in shares of Otis Worldwide by 0.8% in the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after purchasing an additional 121,207 shares in the last quarter. Geode Capital Management LLC grew its position in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after buying an additional 29,636 shares during the period. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth about $770,125,000. Franklin Resources Inc. increased its holdings in Otis Worldwide by 5.7% in the fourth quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after buying an additional 422,519 shares in the last quarter. Finally, PineStone Asset Management Inc. increased its holdings in Otis Worldwide by 3.6% in the fourth quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company’s stock valued at $408,798,000 after buying an additional 163,476 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on OTIS. UBS Group set a $105.00 price target on Otis Worldwide in a research note on Thursday, April 23rd. Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research note on Friday, April 24th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, April 1st. Sanford C. Bernstein assumed coverage on Otis Worldwide in a research report on Tuesday, June 9th. They set an “outperform” rating and a $97.00 target price on the stock. Finally, Evercore started 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $97.58.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $72.06 on Thursday. The business’s fifty day moving average price is $72.59 and its two-hundred day moving average price is $81.19. The stock has a market cap of $27.65 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 2.61 and a beta of 0.90. Otis Worldwide Corporation has a one year low of $69.16 and a one 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). Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same period last year, the firm earned $0.92 earnings per share. The business’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, equities research 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 announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.4%. 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 dividend payout ratio is presently 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.