Otis Worldwide Corporation $OTIS Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 691,400 shares of the company’s stock after selling 13,473 shares during the period. California Public Employees Retirement System’s holdings in Otis Worldwide were worth $53,293,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Camelot Portfolios LLC purchased a new stake in Otis Worldwide during the 4th quarter worth $26,000. Garton & Associates Financial Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter valued at about $27,000. Elevation Wealth Partners LLC purchased a new position in Otis Worldwide in the 4th quarter valued at about $32,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at about $33,000. Finally, Reflection Asset Management acquired a new stake in shares of Otis Worldwide during the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OTIS. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research report on Friday, April 24th. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research note 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. Finally, Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $96.55.

Otis Worldwide Trading Up 0.1%

NYSE OTIS opened at $73.55 on Tuesday. The company has a 50-day moving average price of $72.08 and a two-hundred day moving average price of $80.38. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $101.14. The stock has a market cap of $28.22 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 2.64 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 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 analyst estimates of $3.77 billion. During the same quarter last year, the firm posted $0.92 EPS. The company’s 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. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.16 earnings per share for the current fiscal year.

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.