Otis Worldwide Corporation $OTIS Shares Sold by Legal & General Group Plc

Legal & General Group Plc lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,732,214 shares of the company’s stock after selling 171,005 shares during the quarter. Legal & General Group Plc owned about 0.70% of Otis Worldwide worth $238,659,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Root Financial Partners LLC acquired a new position in Otis Worldwide in the third quarter worth approximately $26,000. Stance Capital LLC acquired a new position in Otis Worldwide in the third quarter worth approximately $27,000. Camelot Portfolios LLC acquired a new position in Otis Worldwide in the fourth quarter worth approximately $26,000. Westside Investment Management Inc. grew its position in Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after buying an additional 168 shares during the last quarter. Finally, Physician Wealth Advisors Inc. grew its position in Otis Worldwide by 57.7% in the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on OTIS. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. Barclays decreased their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research note on Thursday, April 23rd. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. Finally, Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.64.

Otis Worldwide Stock Down 1.3%

Shares of NYSE:OTIS opened at $71.75 on Thursday. The firm has a fifty day moving average of $77.02 and a two-hundred day moving average of $84.67. The firm has a market capitalization of $27.53 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 2.37 and a beta of 0.95. Otis Worldwide Corporation has a 12-month low of $69.72 and a 12-month high of $101.42.

Otis Worldwide (NYSE:OTIS) last issued its 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). The company had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Equities research analysts expect that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be paid a dividend of $0.44 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is 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.