Otis Worldwide Corporation $OTIS Stake Boosted by Empowered Funds LLC

Empowered Funds LLC lifted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 55.6% during the first quarter, HoldingsChannel reports. The fund owned 65,540 shares of the company’s stock after purchasing an additional 23,418 shares during the quarter. Empowered Funds LLC’s holdings in Otis Worldwide were worth $5,052,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Evelyn Partners Asset Management Ltd boosted its position in Otis Worldwide by 93.5% during the first quarter. Evelyn Partners Asset Management Ltd now owns 1,159 shares of the company’s stock valued at $89,000 after purchasing an additional 560 shares during the last quarter. Quantinno Capital Management LP increased its position in Otis Worldwide by 73.4% in the 1st quarter. Quantinno Capital Management LP now owns 248,110 shares of the company’s stock worth $19,124,000 after purchasing an additional 104,990 shares during the last quarter. SummitTX Capital L.P. acquired a new position in Otis Worldwide in the 1st quarter worth about $2,443,000. Gateway Wealth Partners LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter worth about $397,000. Finally, Quadcap Wealth Management LLC raised its stake in shares of Otis Worldwide by 25.6% during the 1st quarter. Quadcap Wealth Management LLC now owns 3,030 shares of the company’s stock worth $234,000 after purchasing an additional 618 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

OTIS opened at $71.98 on Friday. The business has a 50 day moving average price of $72.08 and a 200 day moving average price of $79.38. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The firm has a market cap of $27.40 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 2.55 and a beta of 0.90.

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

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on OTIS. UBS Group set a $105.00 price target on Otis Worldwide in a report on Thursday, April 23rd. Evercore restated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Sanford C. Bernstein cut their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 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 note on Friday, May 15th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $94.09.

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.