CIBC Asset Management Inc Acquires 37,656 Shares of Otis Worldwide Corporation $OTIS

CIBC Asset Management Inc raised its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 23.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 199,893 shares of the company’s stock after buying an additional 37,656 shares during the period. CIBC Asset Management Inc’s holdings in Otis Worldwide were worth $17,460,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in OTIS. Jones Financial Companies Lllp increased its position in Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after buying an additional 304 shares in the last quarter. Empowered Funds LLC increased its holdings in Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after acquiring an additional 857 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after acquiring an additional 1,574 shares in the last quarter. Baird Financial Group Inc. raised its stake in Otis Worldwide by 7.1% during the 2nd quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock worth $3,193,000 after acquiring an additional 2,132 shares during the period. Finally, NewEdge Advisors LLC raised its stake in Otis Worldwide by 13.3% during the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock worth $1,012,000 after acquiring an additional 1,196 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 0.1%

NYSE:OTIS opened at $69.84 on Friday. The business’s 50-day moving average is $75.86 and its 200 day moving average is $83.82. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $101.42. The company has a market capitalization of $26.80 billion, a P/E ratio of 18.57, a P/E/G ratio of 2.28 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last released 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). The firm had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, research analysts forecast that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 15th will be given a $0.44 dividend. This is a boost 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 is Friday, May 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 46.81%.

Analyst Ratings Changes

A number of equities analysts have weighed in on OTIS shares. 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 report on Thursday, April 23rd. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a report on Friday, April 24th. Royal Bank Of Canada cut their price target on 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, Evercore assumed coverage on Otis Worldwide in a report on Monday, April 13th. They set an “outperform” rating and a $100.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $97.64.

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.