Hsbc Holdings PLC Increases Stock Position in Otis Worldwide Corporation $OTIS

Hsbc Holdings PLC increased its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 23.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 870,045 shares of the company’s stock after buying an additional 164,978 shares during the period. Hsbc Holdings PLC’s holdings in Otis Worldwide were worth $76,043,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $770,125,000. Millennium Management LLC grew its position in shares of Otis Worldwide by 1,047.0% in the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock valued at $208,545,000 after purchasing an additional 2,179,314 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Otis Worldwide by 97.9% during the 4th quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock valued at $349,626,000 after purchasing an additional 1,979,819 shares during the period. AQR Capital Management LLC lifted its holdings in Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after purchasing an additional 1,445,904 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock worth $185,612,000 after purchasing an additional 1,352,530 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Evercore started coverage on Otis Worldwide in a report on Monday, April 13th. They set an “outperform” rating and a $100.00 target price for the company. Wells Fargo & Company lowered 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. Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research report on Friday, April 24th. Royal Bank Of Canada reduced 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. Finally, Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.58.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $72.40 on Tuesday. The firm has a market capitalization of $27.78 billion, a price-to-earnings ratio of 19.25, a P/E/G ratio of 2.39 and a beta of 0.91. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.42. The stock has a fifty day moving average of $74.33 and a 200 day moving average of $82.45.

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 analysts’ consensus estimates of $0.91 by ($0.02). Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the prior year, the company earned $0.92 earnings per share. Otis Worldwide’s revenue was up 6.4% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Equities analysts forecast that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders 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 is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. Otis Worldwide’s payout ratio is presently 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.