Norges Bank Acquires New Holdings in Otis Worldwide Corporation $OTIS

Norges Bank acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 8,816,541 shares of the company’s stock, valued at approximately $770,125,000. Norges Bank owned about 2.27% of Otis Worldwide at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Eurizon Capital SGR S.p.A. bought a new position in Otis Worldwide in the 4th quarter valued at approximately $6,431,000. Hillsdale Investment Management Inc. raised its stake in shares of Otis Worldwide by 10.1% during the fourth quarter. Hillsdale Investment Management Inc. now owns 11,340 shares of the company’s stock valued at $991,000 after acquiring an additional 1,040 shares during the last quarter. Basepoint Wealth LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at $53,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Otis Worldwide by 4.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 44,664 shares of the company’s stock valued at $3,901,000 after acquiring an additional 1,925 shares during the last quarter. Finally, Moors & Cabot Inc. raised its stake in shares of Otis Worldwide by 2.7% during the fourth quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock valued at $414,000 after acquiring an additional 126 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the subject of several analyst reports. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Barclays dropped their price target 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. Evercore initiated coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They set an “outperform” rating and a $100.00 price target for the company. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, UBS Group set a $105.00 price target on shares of Otis Worldwide in a research note on Thursday, April 23rd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $97.64.

Otis Worldwide Trading Down 0.4%

NYSE:OTIS opened at $70.92 on Friday. The stock 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. The firm has a fifty day simple moving average of $76.61 and a two-hundred day simple moving average of $84.44. Otis Worldwide Corporation has a 12 month low of $69.72 and a 12 month 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 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 for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The firm’s quarterly 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 predict that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be given a $0.44 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, May 15th. Otis Worldwide’s payout ratio is presently 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.