Otis Worldwide Corporation $OTIS Stake Reduced by Canoe Financial LP

Canoe Financial LP lowered its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 12.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,450,336 shares of the company’s stock after selling 337,534 shares during the period. Otis Worldwide comprises approximately 2.6% of Canoe Financial LP’s holdings, making the stock its 10th largest holding. Canoe Financial LP owned about 0.64% of Otis Worldwide worth $188,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Camelot Portfolios LLC purchased a new position in Otis Worldwide during the 4th quarter valued at about $26,000. Stance Capital LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at about $27,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $27,000. Elevation Wealth Partners LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $33,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.2%

Shares of Otis Worldwide stock opened at $73.32 on Monday. The firm’s 50 day moving average price is $73.67 and its 200-day moving average price is $82.06. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.42. The company has a market cap of $28.13 billion, a P/E ratio of 19.50, a PEG ratio of 2.39 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $3.57 billion for 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%. The company’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm 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. The ex-dividend date of this dividend was Friday, May 15th. 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%. Otis Worldwide’s payout ratio is currently 46.81%.

Analyst Ratings Changes

Several equities analysts recently issued reports on OTIS shares. Weiss Ratings lowered shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Wells Fargo & Company lowered their target price 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. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. 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 report on Thursday, April 23rd. Finally, 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 target for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average 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.