Morningstar Investment Management LLC Sells 11,481 Shares of Otis Worldwide Corporation $OTIS

Morningstar Investment Management LLC reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 36.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 20,128 shares of the company’s stock after selling 11,481 shares during the quarter. Morningstar Investment Management LLC’s holdings in Otis Worldwide were worth $1,758,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after acquiring an additional 322,255 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Otis Worldwide by 3.1% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock valued at $436,866,000 after acquiring an additional 145,817 shares during the last quarter. PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 3.6% during the 4th quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company’s stock valued at $408,798,000 after acquiring an additional 163,476 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Otis Worldwide by 15.3% during the 3rd quarter. Wellington Management Group LLP now owns 3,529,185 shares of the company’s stock valued at $322,673,000 after acquiring an additional 468,184 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Otis Worldwide by 7.9% during the 3rd quarter. Marshall Wace LLP now owns 3,068,281 shares of the company’s stock valued at $280,533,000 after acquiring an additional 223,757 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research reports. Royal Bank Of Canada lowered their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. UBS Group set a $105.00 target price on Otis Worldwide in a research report on Thursday, April 23rd. Morgan Stanley set a $88.00 target price on Otis Worldwide in a research report on Friday, April 24th. Evercore initiated coverage on Otis Worldwide in a research report on Monday, April 13th. They set an “outperform” rating and a $100.00 target price for the company. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $97.64.

Otis Worldwide Stock Up 0.0%

Shares of OTIS opened at $72.79 on Tuesday. The company has a market cap of $27.93 billion, a PE ratio of 19.36, a P/E/G ratio of 2.38 and a beta of 0.95. The business has a fifty day moving average of $77.46 and a 200 day moving average of $84.94. Otis Worldwide Corporation has a 52-week low of $69.72 and a 52-week high of $101.42.

Otis Worldwide (NYSE:OTIS) last issued 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). The company 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 firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.19 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business 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 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, May 15th. Otis Worldwide’s dividend payout ratio is 46.81%.

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.