PNC Financial Services Group Inc. Reduces Stock Position in Otis Worldwide Corporation $OTIS

PNC Financial Services Group Inc. cut its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 3.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 339,177 shares of the company’s stock after selling 12,923 shares during the period. PNC Financial Services Group Inc.’s holdings in Otis Worldwide were worth $26,144,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of OTIS. Norges Bank bought a new stake in Otis Worldwide during the 4th quarter valued at $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 raised its stake in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after purchasing an additional 1,445,904 shares during the period. Finally, Scharf Investments LLC purchased a new stake in Otis Worldwide during the 3rd quarter worth about $73,200,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide News Summary

Here are the key news stories impacting Otis Worldwide this week:

• Positive Sentiment: Otis’ service segment remains the main growth driver, with modernization up 24% and maintenance trends accelerating, while backlog and order momentum in the Americas support the longer-term outlook. Otis Worldwide: Don’t Expect Meaningful Upside Near-Term, But I Remain Bullish
• Positive Sentiment: Otis declared a quarterly dividend of $0.44 per share, reinforcing its cash-return profile for income-focused investors. Otis Declares Quarterly Dividend of $0.44 per Share
• Neutral Sentiment: The stock is trading below recent historical valuation levels after a sizable year-to-date decline, which may interest value investors but does not change the near-term operating challenges. Is Otis Stock Attractive After Guidance Cuts and Its 19% YTD Slide?
• Neutral Sentiment: Analysts continue to rate Otis as a “Hold,” reflecting a balanced view between steady service growth and weaker equipment demand. Otis Worldwide Corporation (NYSE:OTIS) Given Consensus Rating of “Hold” by Analysts
• Negative Sentiment: Recent earnings commentary points to contracting margins, weaker New Equipment demand, and continued drag from China, which is why investors are focusing on the guidance cut rather than the revenue beat. Otis Worldwide: Strong Service Growth Still Needs To Show Margin Expansion

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of recent analyst reports. Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Sanford C. Bernstein lowered their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research report on Thursday, April 23rd. Barclays reduced their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” 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. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $95.45.

Otis Worldwide Stock Up 1.7%

Shares of NYSE OTIS opened at $71.94 on Friday. The stock’s 50-day simple moving average is $71.95 and its two-hundred day simple moving average is $79.97. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The firm has a market capitalization of $27.61 billion, a P/E ratio of 18.49, a P/E/G ratio of 2.64 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the company posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.24%.

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.