Allstate Corp Raises Holdings in Otis Worldwide Corporation $OTIS

Allstate Corp lifted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 99.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 27,860 shares of the company’s stock after acquiring an additional 13,866 shares during the quarter. Allstate Corp’s holdings in Otis Worldwide were worth $2,434,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Oakworth Capital Inc. boosted its stake in shares of Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after buying an additional 113 shares during the last quarter. Cookson Peirce & Co. Inc. boosted its position in Otis Worldwide by 1.8% during the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after purchasing an additional 115 shares in the last quarter. Physician Wealth Advisors Inc. boosted its position in Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after purchasing an additional 124 shares in the last quarter. Boyd Watterson Asset Management LLC OH boosted its position in Otis Worldwide by 4.0% during the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock worth $281,000 after purchasing an additional 124 shares in the last quarter. Finally, Composition Wealth LLC boosted its position in Otis Worldwide by 4.2% during the fourth quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock worth $285,000 after purchasing an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on OTIS shares. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research report on Friday, April 24th. UBS Group set a $105.00 price target on Otis Worldwide in a research report on Thursday, April 23rd. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday, January 30th. Wells Fargo & Company lowered their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 1st. Finally, Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $97.64.

Otis Worldwide Stock Down 0.8%

OTIS stock opened at $71.24 on Friday. Otis Worldwide Corporation has a 52-week low of $69.72 and a 52-week high of $101.42. The business has a fifty day moving average of $76.76 and a two-hundred day moving average of $84.53. The stock has a market cap of $27.34 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 2.34 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be given a dividend of $0.44 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, May 15th. Otis Worldwide’s dividend payout ratio (DPR) is 46.81%.

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.