Otis Worldwide Corporation $OTIS Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,115,251 shares of the company’s stock after selling 35,208 shares during the quarter. Clearbridge Investments LLC owned 0.29% of Otis Worldwide worth $97,417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Camelot Portfolios LLC acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide in the third quarter worth about $27,000. Elevation Wealth Partners LLC acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $32,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $33,000. Finally, Board of the Pension Protection Fund acquired a new position in shares of Otis Worldwide in the fourth quarter worth about $35,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on OTIS shares. Wells Fargo & Company cut their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. Evercore started coverage on Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 price target on the stock. Royal Bank Of Canada cut their price target 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. UBS Group set a $105.00 price target on Otis Worldwide in a research note on Thursday, April 23rd. Finally, Barclays cut their price target 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. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $97.64.

Otis Worldwide Trading Down 1.1%

NYSE:OTIS opened at $69.57 on Tuesday. The firm has a market capitalization of $26.69 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 2.29 and a beta of 0.91. The stock has a 50 day moving average of $75.54 and a 200-day moving average of $83.57. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $101.42.

Otis Worldwide (NYSE:OTIS) last posted 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). The company had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. 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 posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, analysts predict that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, May 15th. Otis Worldwide’s dividend payout ratio 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.