Coerente Capital Management Has $17.57 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Coerente Capital Management raised its stake in Otis Worldwide Corporation (NYSE:OTIS) by 26.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 227,914 shares of the company’s stock after purchasing an additional 47,848 shares during the quarter. Otis Worldwide makes up about 3.3% of Coerente Capital Management’s portfolio, making the stock its 17th biggest holding. Coerente Capital Management owned 0.06% of Otis Worldwide worth $17,568,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in OTIS. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth $770,125,000. Millennium Management LLC raised its position in Otis Worldwide by 1,047.0% during the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock worth $208,545,000 after acquiring an additional 2,179,314 shares in the last quarter. Van ECK Associates Corp lifted its stake in Otis Worldwide by 97.9% in the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock valued at $349,626,000 after acquiring an additional 1,979,819 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Otis Worldwide by 125.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after acquiring an additional 1,445,904 shares during the period. Finally, Squarepoint Ops LLC increased its stake in shares of Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock worth $185,612,000 after purchasing an additional 1,352,530 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Sanford C. Bernstein initiated coverage on Otis Worldwide in a research report on Tuesday, June 9th. They set an “outperform” rating and a $97.00 price target on the stock. Barclays dropped their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Thursday, April 23rd. Weiss Ratings cut Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Finally, Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $97.58.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $71.88 on Wednesday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $101.42. The firm’s 50-day simple moving average is $74.17 and its 200 day simple moving average is $82.34. The firm has a market cap of $27.58 billion, a price-to-earnings ratio of 19.12, a P/E/G ratio of 2.36 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 net margin of 10.11% and a negative return on equity of 29.39%. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same period in the prior year, the firm earned $0.92 EPS. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were paid a dividend of $0.44 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. 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.