Strs Ohio Sells 23,714 Shares of Otis Worldwide Corporation $OTIS

Strs Ohio decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 71.8% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 9,333 shares of the company’s stock after selling 23,714 shares during the period. Strs Ohio’s holdings in Otis Worldwide were worth $719,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of OTIS. Stance Capital LLC acquired a new position in Otis Worldwide in the third quarter worth $27,000. Camelot Portfolios LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at about $26,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Otis Worldwide in the fourth quarter valued at about $27,000. Elevation Wealth Partners LLC acquired a new position in Otis Worldwide during the 4th quarter worth about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Otis Worldwide during the 4th quarter worth about $33,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 1.9%

Shares of NYSE:OTIS opened at $72.06 on Thursday. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42. The stock has a market capitalization of $27.65 billion, a P/E ratio of 19.17, a P/E/G ratio of 2.61 and a beta of 0.90. The business has a 50-day moving average price of $72.59 and a two-hundred day moving average price of $81.19.

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 the consensus estimate of $0.91 by ($0.02). The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.19 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a 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 presently 46.81%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on OTIS shares. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Barclays reduced their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research report on Thursday, April 23rd. Sanford C. Bernstein assumed coverage on shares of Otis Worldwide in a research note on Tuesday, June 9th. They set an “outperform” rating and a $97.00 price target on the stock. Evercore assumed coverage on shares of Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price target for the company. Finally, Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target 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.