Principle Wealth Partners LLC Takes Position in Otis Worldwide Corporation $OTIS

Principle Wealth Partners LLC bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 9,706 shares of the company’s stock, valued at approximately $695,000.

A number of other hedge funds have also made changes to their positions in the stock. Pinnacle Financial Partners Inc. raised its holdings in shares of Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after acquiring an additional 12,721 shares in the last quarter. Capital Research Global Investors grew its stake in Otis Worldwide by 0.6% in the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock valued at $248,417,000 after purchasing an additional 18,189 shares in the last quarter. Lazard Freres Gestion S.A.S. grew its stake in Otis Worldwide by 21.9% in the fourth quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock valued at $114,355,000 after purchasing an additional 235,316 shares in the last quarter. Danske Bank A S increased its position in Otis Worldwide by 13.3% in the 4th quarter. Danske Bank A S now owns 225,994 shares of the company’s stock worth $19,741,000 after purchasing an additional 26,500 shares during the last quarter. Finally, Alberta Investment Management Corp increased its position in Otis Worldwide by 44.1% in the 4th quarter. Alberta Investment Management Corp now owns 170,600 shares of the company’s stock worth $14,902,000 after purchasing an additional 52,200 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

NYSE OTIS opened at $70.53 on Tuesday. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57. The stock’s 50-day moving average is $72.56 and its two-hundred day moving average is $77.99. The firm has a market cap of $26.85 billion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 2.56 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.01. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The firm’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide’s payout ratio is 45.24%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays cut their price target 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. UBS Group set a $105.00 price objective on Otis Worldwide in a report on Thursday, April 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a research note on Monday, August 10th. Finally, Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $92.91.

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.