SG Americas Securities LLC Decreases Stock Holdings in Otis Worldwide Corporation $OTIS

SG Americas Securities LLC lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 35.9% during the first quarter, Holdings Channel.com reports. The fund owned 319,774 shares of the company’s stock after selling 179,403 shares during the quarter. SG Americas Securities LLC’s holdings in Otis Worldwide were worth $24,648,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. State Street Corp lifted its holdings in Otis Worldwide by 0.8% during the fourth 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 lifted its stake in Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after buying an additional 29,636 shares in the last quarter. Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter worth about $770,125,000. Franklin Resources Inc. boosted its stake in shares of Otis Worldwide by 5.7% in the fourth quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock worth $685,012,000 after acquiring an additional 422,519 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 3.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock worth $436,866,000 after purchasing an additional 145,817 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research report on Thursday, April 23rd. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. Barclays cut their price objective 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, Morgan Stanley set a $88.00 price target on Otis Worldwide in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $97.58.

Otis Worldwide Stock Performance

OTIS stock opened at $72.71 on Thursday. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.42. The firm has a market cap of $27.90 billion, a PE ratio of 19.34, a PEG ratio of 2.34 and a beta of 0.91. The firm’s 50 day moving average price is $73.99 and its 200-day moving average price is $82.24.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). The business had revenue of $3.57 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The company’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Equities research analysts predict that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared 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. The ex-dividend date was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. 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.