KBC Group NV Raises Stake in Otis Worldwide Corporation $OTIS

KBC Group NV grew its stake in Otis Worldwide Corporation (NYSE:OTIS) by 64.1% in the first quarter, Holdings Channel reports. The fund owned 453,059 shares of the company’s stock after purchasing an additional 176,913 shares during the period. KBC Group NV’s holdings in Otis Worldwide were worth $34,922,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp grew its holdings in shares of Otis Worldwide by 0.8% in the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after purchasing an additional 121,207 shares during the period. Geode Capital Management LLC grew its stake in shares of Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after buying an additional 29,636 shares during the period. Norges Bank purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $770,125,000. Franklin Resources Inc. increased its holdings in shares of Otis Worldwide by 5.7% during the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock worth $685,012,000 after buying an additional 422,519 shares during the last quarter. Finally, PineStone Asset Management Inc. raised its position in shares of Otis Worldwide by 3.6% during the 4th quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company’s stock valued at $408,798,000 after buying an additional 163,476 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OTIS. Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a research report on Thursday, April 23rd. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. UBS Group set a $105.00 target price on shares of Otis Worldwide in a research report on Thursday, April 23rd. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a research note on Friday, April 24th. Finally, Weiss Ratings cut shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $96.55.

Otis Worldwide Stock Performance

Shares of OTIS opened at $73.55 on Tuesday. The company’s 50-day simple moving average is $72.08 and its 200-day simple moving average is $80.38. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $101.14. The stock has a market capitalization of $28.22 billion, a PE ratio of 19.56, a P/E/G ratio of 2.64 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). The business had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.Otis Worldwide’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, sell-side analysts predict that Otis Worldwide Corporation will post 4.16 earnings per share for the current year.

Otis Worldwide 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.