Van ECK Associates Corp Grows Stock Holdings in Otis Worldwide Corporation $OTIS

Van ECK Associates Corp increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 97.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,002,589 shares of the company’s stock after buying an additional 1,979,819 shares during the quarter. Van ECK Associates Corp owned about 1.03% of Otis Worldwide worth $349,626,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OTIS. Jones Financial Companies Lllp grew its holdings in shares of Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after buying an additional 304 shares during the last quarter. Empowered Funds LLC boosted its holdings in Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after purchasing an additional 857 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after purchasing an additional 1,574 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in Otis Worldwide by 7.1% in the 2nd quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock valued at $3,193,000 after purchasing an additional 2,132 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Otis Worldwide by 13.3% in the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock valued at $1,012,000 after purchasing an additional 1,196 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.9%

OTIS stock opened at $70.77 on Friday. The firm has a 50 day moving average of $75.04 and a 200-day moving average of $83.13. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $101.42. The company has a market cap of $27.16 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 2.29 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (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 company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the previous year, the business posted $0.92 earnings per share. Otis Worldwide’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. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, May 15th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s payout ratio is 46.81%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of analyst reports. Evercore initiated coverage on Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective on the stock. Royal Bank Of Canada lowered their price objective 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 price objective on Otis Worldwide in a report on Friday, April 24th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Finally, Sanford C. Bernstein initiated coverage on Otis Worldwide in a report on Tuesday. They issued an “outperform” rating and a $97.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $97.58.

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.