Norges Bank Makes New $770.13 Million Investment in Otis Worldwide Corporation $OTIS

Norges Bank acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 4th quarter, HoldingsChannel reports. The fund acquired 8,816,541 shares of the company’s stock, valued at approximately $770,125,000.

Other hedge funds have also added to or reduced their stakes in the company. Allied Investment Advisors LLC raised its position in Otis Worldwide by 6.0% in the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock worth $10,858,000 after acquiring an additional 6,770 shares during the period. CIBC Private Wealth Group LLC raised its position in shares of Otis Worldwide by 54.0% in the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after purchasing an additional 1,013,876 shares during the period. SG Americas Securities LLC raised its position in shares of Otis Worldwide by 12,345.2% in the fourth quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock valued at $43,603,000 after purchasing an additional 495,166 shares during the period. Pinnacle Financial Partners Inc. raised its position in shares of Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares during the period. Finally, Caprock Group LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $982,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of several research reports. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a report on Friday, April 24th. Barclays decreased their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Finally, 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 on the stock. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $97.64.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $70.92 on Friday. The company’s fifty day moving average price is $76.61 and its 200-day moving average price is $84.44. The firm has a market capitalization of $27.21 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 2.31 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $69.72 and a one year high of $101.42.

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

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be paid a $0.44 dividend. This is a positive change 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 is currently 46.81%.

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.