Engineers Gate Manager LP Trims Stock Position in Otis Worldwide Corporation $OTIS

Engineers Gate Manager LP cut its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 81.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,894 shares of the company’s stock after selling 225,574 shares during the quarter. Engineers Gate Manager LP’s holdings in Otis Worldwide were worth $3,787,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp increased its position in 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 in the last quarter. Empowered Funds LLC lifted its position in shares of Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after acquiring an additional 857 shares in the last quarter. Acadian Asset Management LLC boosted its stake in shares of Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after acquiring an additional 1,574 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock valued at $3,193,000 after acquiring an additional 2,132 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in Otis Worldwide by 13.3% during the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock worth $1,012,000 after purchasing an additional 1,196 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OTIS. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a research note on Monday, August 10th. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a report on Tuesday, July 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Sanford C. Bernstein reduced their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, July 23rd. Finally, Evercore restated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $92.91.

Otis Worldwide Trading Up 1.7%

NYSE OTIS opened at $69.07 on Friday. The business’s 50-day moving average price is $72.10 and its 200 day moving average price is $75.57. Otis Worldwide Corporation has a twelve month low of $67.64 and a twelve month high of $94.57. The company has a market capitalization of $26.29 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 2.43 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the company earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 14th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.76 annualized dividend and a yield of 2.5%. Otis Worldwide’s dividend payout ratio is 45.24%.

Otis Worldwide Profile

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.