Bank of New York Mellon Corp Boosts Stake in Otis Worldwide Corporation $OTIS

Bank of New York Mellon Corp increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,848,482 shares of the company’s stock after acquiring an additional 110,984 shares during the period. Bank of New York Mellon Corp’s holdings in Otis Worldwide were worth $219,561,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of OTIS. Camelot Portfolios LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $26,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth $27,000. Elevation Wealth Partners LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $32,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $33,000. Finally, Reflection Asset Management acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OTIS. Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Sanford C. Bernstein began coverage on shares of Otis Worldwide in a research report on Tuesday, June 9th. They set an “outperform” rating and a $97.00 price target for the company. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research note on Friday, April 24th. UBS Group set a $105.00 price target on Otis Worldwide in a report on Thursday, April 23rd. Finally, Evercore assumed coverage on Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective for the company. One research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $96.55.

Otis Worldwide Stock Down 2.0%

OTIS stock opened at $73.50 on Friday. The stock has a market capitalization of $28.20 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 2.64 and a beta of 0.90. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.14. The stock’s fifty day simple moving average is $72.09 and its 200-day simple moving average is $80.53.

Otis Worldwide (NYSE:OTIS) last released its earnings results 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). The company had revenue of $3.57 billion during the quarter, compared to analysts’ expectations of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. Otis Worldwide’s revenue for the quarter 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. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.16 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were given a $0.44 dividend. 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. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. Otis Worldwide’s dividend payout ratio (DPR) is currently 46.81%.

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.