Otis Worldwide Corporation $OTIS Shares Bought by CenterBook Partners LP

CenterBook Partners LP boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 83.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 27,007 shares of the company’s stock after buying an additional 12,262 shares during the quarter. CenterBook Partners LP’s holdings in Otis Worldwide were worth $2,359,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Stance Capital LLC purchased a new stake in Otis Worldwide in the third quarter valued at $27,000. Camelot Portfolios LLC acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $26,000. Elevation Wealth Partners LLC purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $32,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $33,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of OTIS opened at $71.24 on Wednesday. The stock has a 50 day moving average price of $75.44 and a 200 day moving average price of $83.46. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.42. The stock has a market capitalization of $27.34 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 2.27 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate 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%.The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be paid a $0.44 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s dividend payout ratio is 46.81%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Wells Fargo & Company reduced their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, April 1st. Royal Bank Of Canada cut their price objective 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. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Finally, Sanford C. Bernstein began coverage on shares of Otis Worldwide in a research note on Tuesday. They issued an “outperform” rating and a $97.00 price target on the stock. Four investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $97.58.

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.