Otis Worldwide Corporation $OTIS Stock: PineStone Asset Management Inc. Decreases Stake

PineStone Asset Management Inc. lessened its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 4,044,954 shares of the company’s stock after selling 245,500 shares during the quarter. Otis Worldwide comprises approximately 1.7% of PineStone Asset Management Inc.’s portfolio, making the stock its 20th biggest holding. PineStone Asset Management Inc.’s holdings in Otis Worldwide were worth $260,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at $2,264,017,000. State Street Corp raised its holdings in Otis Worldwide by 2.9% in the 2nd quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Otis Worldwide in the 2nd quarter worth $423,739,000. Van ECK Associates Corp raised its holdings in Otis Worldwide by 0.6% in the 2nd quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after purchasing an additional 24,914 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in Otis Worldwide in the 2nd quarter worth $223,003,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OTIS. Sanford C. Bernstein reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, September 21st. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research report on Tuesday, July 28th. Evercore restated an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Wells Fargo & Company initiated coverage on Otis Worldwide in a research note on Thursday, September 24th. They issued an “underweight” rating and a $77.00 price objective on the stock. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $91.00.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $71.31 on Friday. Otis Worldwide Corporation has a 1-year low of $63.58 and a 1-year high of $94.57. The company has a market capitalization of $27.14 billion, a P/E ratio of 18.33, a P/E/G ratio of 2.50 and a beta of 0.87. The firm’s 50 day simple moving average is $69.32 and its two-hundred day simple moving average is $72.44.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.