Sterling Capital Management LLC Decreases Stake in Otis Worldwide Corporation $OTIS

Sterling Capital Management LLC lessened its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 40.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,693 shares of the company’s stock after selling 9,441 shares during the period. Sterling Capital Management LLC’s holdings in Otis Worldwide were worth $1,055,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Beaumont Asset Management L.L.C. raised its stake in Otis Worldwide by 22.6% in the first quarter. Beaumont Asset Management L.L.C. now owns 5,234 shares of the company’s stock valued at $403,000 after buying an additional 964 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Otis Worldwide during the 1st quarter worth about $1,526,000. Kestra Private Wealth Services LLC increased its holdings in shares of Otis Worldwide by 2.5% in the 1st quarter. Kestra Private Wealth Services LLC now owns 7,102 shares of the company’s stock valued at $547,000 after acquiring an additional 170 shares during the last quarter. Ritholtz Wealth Management increased its holdings in shares of Otis Worldwide by 12.1% in the 1st quarter. Ritholtz Wealth Management now owns 4,124 shares of the company’s stock valued at $318,000 after acquiring an additional 444 shares during the last quarter. Finally, BTC Capital Management Inc. raised its position in shares of Otis Worldwide by 4.0% during the 1st quarter. BTC Capital Management Inc. now owns 68,306 shares of the company’s stock worth $5,264,000 after acquiring an additional 2,613 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Down 1.9%

Shares of NYSE OTIS opened at $71.52 on Wednesday. The business has a 50-day moving average price of $73.32 and a 200 day moving average price of $81.85. The stock has a market cap of $27.44 billion, a PE ratio of 19.02, a price-to-earnings-growth ratio of 2.38 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.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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). 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 for the quarter, compared to analysts’ expectations of $3.77 billion. During the same period in the previous year, the business posted $0.92 earnings per share. The company’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. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Friday, May 15th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio is presently 46.81%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research analyst reports. Royal Bank Of Canada lowered their price target on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Weiss Ratings cut shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. UBS Group set a $105.00 target price on shares of Otis Worldwide in a report on Thursday, April 23rd. Finally, Barclays cut their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $97.58.

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.