Havemeyer Place LP Takes $1.42 Million Position in Otis Worldwide Corporation $OTIS

Havemeyer Place LP bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 16,230 shares of the company’s stock, valued at approximately $1,418,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. CIBC Private Wealth Group LLC boosted its stake in Otis Worldwide by 54.0% during the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock worth $264,277,000 after acquiring an additional 1,013,876 shares in the last quarter. SG Americas Securities LLC boosted its stake in Otis Worldwide by 12,345.2% during the fourth quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock worth $43,603,000 after acquiring an additional 495,166 shares in the last quarter. Pinnacle Financial Partners Inc. boosted its stake in 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. Caprock Group LLC acquired a new position in Otis Worldwide during the third quarter worth $982,000. Finally, Canoe Financial LP raised its holdings in Otis Worldwide by 15.6% during the fourth quarter. Canoe Financial LP now owns 2,787,870 shares of the company’s stock worth $243,520,000 after buying an additional 375,914 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.1%

OTIS stock opened at $70.41 on Monday. The firm has a 50 day moving average of $75.70 and a 200-day moving average of $83.70. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $101.42. The firm has a market capitalization of $27.02 billion, a P/E ratio of 18.73, a price-to-earnings-growth ratio of 2.29 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 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 the consensus estimate of $3.77 billion. During the same quarter last year, the business posted $0.92 earnings per share. Otis Worldwide’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. Sell-side analysts predict that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be given a $0.44 dividend. 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. The ex-dividend date is Friday, May 15th. Otis Worldwide’s dividend payout ratio (DPR) is 46.81%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Evercore initiated coverage on shares of Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 target price for the company. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Barclays lowered their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a report on Thursday, April 23rd. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, April 1st. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $97.64.

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.