Assenagon Asset Management S.A. Sells 776,332 Shares of Otis Worldwide Corporation $OTIS

Assenagon Asset Management S.A. lowered its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 64.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 425,343 shares of the company’s stock after selling 776,332 shares during the period. Assenagon Asset Management S.A.’s holdings in Otis Worldwide were worth $32,785,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OTIS. Stance Capital LLC bought a new position in Otis Worldwide during the third quarter valued at $27,000. Camelot Portfolios LLC bought a new stake in Otis Worldwide during the 4th quarter valued at $26,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $27,000. Elevation Wealth Partners LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at $33,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.4%

Otis Worldwide stock opened at $73.32 on Friday. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $101.42. The company has a market capitalization of $28.13 billion, a P/E ratio of 19.50, a PEG ratio of 2.40 and a beta of 0.91. The stock’s 50 day moving average is $73.67 and its 200 day moving average is $82.09.

Otis Worldwide (NYSE:OTIS) last released its 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 company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the firm posted $0.92 earnings per share. The company’s revenue was up 6.4% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, equities analysts expect that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were paid a $0.44 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, May 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 46.81%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research analyst reports. UBS Group set a $105.00 price target on Otis Worldwide in a research report on Thursday, April 23rd. Barclays dropped their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research note on Thursday, April 23rd. Evercore started coverage on shares of Otis Worldwide in a research report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective on the stock. Sanford C. Bernstein started coverage on Otis Worldwide in a research report on Tuesday, June 9th. They issued an “outperform” rating and a $97.00 price objective on the stock. Finally, Weiss Ratings cut Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.