Candriam S.C.A. Sells 10,755 Shares of Otis Worldwide Corporation $OTIS

Candriam S.C.A. lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 15.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,979 shares of the company’s stock after selling 10,755 shares during the period. Candriam S.C.A.’s holdings in Otis Worldwide were worth $4,546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Sequoia Financial Advisors LLC raised its stake in Otis Worldwide by 4.6% during the first quarter. Sequoia Financial Advisors LLC now owns 9,221 shares of the company’s stock worth $711,000 after acquiring an additional 408 shares in the last quarter. Burney Co. grew its position in Otis Worldwide by 56.0% during the 1st quarter. Burney Co. now owns 14,389 shares of the company’s stock worth $1,109,000 after acquiring an additional 5,163 shares during the last quarter. Swedbank AB grew its position in Otis Worldwide by 7.4% during the 1st quarter. Swedbank AB now owns 266,602 shares of the company’s stock worth $20,550,000 after acquiring an additional 18,400 shares during the last quarter. Kathmere Capital Management LLC increased its holdings in Otis Worldwide by 53.2% during the 1st quarter. Kathmere Capital Management LLC now owns 3,775 shares of the company’s stock valued at $291,000 after purchasing an additional 1,311 shares in the last quarter. Finally, Stephens Inc. AR increased its holdings in Otis Worldwide by 20.8% during the 1st quarter. Stephens Inc. AR now owns 6,309 shares of the company’s stock valued at $486,000 after purchasing an additional 1,087 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research report on Friday, April 24th. Finally, Evercore began coverage on Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $96.55.

Otis Worldwide Trading Up 0.4%

NYSE:OTIS opened at $73.35 on Tuesday. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42. The firm has a market capitalization of $28.15 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 2.60 and a beta of 0.90. The business’s 50-day moving average price is $72.32 and its two-hundred day moving average price is $80.89.

Otis Worldwide (NYSE:OTIS) last posted 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 company 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%.Otis Worldwide’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.19 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. Otis Worldwide’s dividend payout ratio is currently 46.81%.

Otis Worldwide 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.