Otis Worldwide Corporation $OTIS Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 40.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,693 shares of the company’s stock after selling 9,441 shares during the quarter. Sterling Capital Management LLC’s holdings in Otis Worldwide were worth $1,055,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Camelot Portfolios LLC acquired a new position in Otis Worldwide in the fourth quarter valued at about $26,000. Stance Capital LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $27,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. Elevation Wealth Partners LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $33,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 1.9%

Shares of OTIS opened at $71.52 on Wednesday. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $101.42. The firm’s 50 day moving average price is $73.32 and its 200 day moving average price is $81.85. The company has a market cap of $27.44 billion, a P/E ratio of 19.02, a PEG ratio of 2.38 and a beta of 0.91.

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. Otis Worldwide’s dividend payout ratio (DPR) is 46.81%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OTIS. UBS Group set a $105.00 target price on shares of Otis Worldwide in a report on Thursday, April 23rd. Sanford C. Bernstein began coverage on Otis Worldwide in a research note on Tuesday, June 9th. They set an “outperform” rating and a $97.00 price target on the stock. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research report on Friday, April 24th. Evercore started coverage on Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective for the company. Finally, Barclays cut their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $97.58.

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.