Rockefeller Capital Management L.P. Sells 9,229 Shares of Otis Worldwide Corporation $OTIS

Rockefeller Capital Management L.P. decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 152,117 shares of the company’s stock after selling 9,229 shares during the period. Rockefeller Capital Management L.P.’s holdings in Otis Worldwide were worth $13,287,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC grew its holdings in Otis Worldwide by 54.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after purchasing an additional 1,013,876 shares during the last quarter. SG Americas Securities LLC lifted its stake in Otis Worldwide by 12,345.2% in the fourth quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock worth $43,603,000 after purchasing an additional 495,166 shares during the last quarter. Pinnacle Financial Partners Inc. lifted its stake in Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after purchasing an additional 12,721 shares during the last quarter. Oak Thistle LLC purchased a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $2,046,000. Finally, Canoe Financial LP boosted its position in shares of Otis Worldwide by 15.6% during the fourth quarter. Canoe Financial LP now owns 2,787,870 shares of the company’s stock valued at $243,520,000 after buying an additional 375,914 shares during the period. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $72.71 on Thursday. The firm has a market capitalization of $27.90 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 2.34 and a beta of 0.91. The stock has a 50 day moving average price of $73.99 and a 200 day moving average price of $82.24. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.42.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 firm 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 revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Analysts forecast that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s dividend payout ratio is currently 46.81%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Sanford C. Bernstein started coverage on Otis Worldwide in a report on Tuesday, June 9th. They issued an “outperform” rating and a $97.00 price target on the stock. Wells Fargo & Company dropped their price objective 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. Evercore initiated coverage on Otis Worldwide in a research report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective on the stock. Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. Finally, Morgan Stanley set a $88.00 target price on Otis Worldwide in a research report on Friday, April 24th. 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 issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.