Equitable Trust Co. Decreases Position in Otis Worldwide Corporation $OTIS

Equitable Trust Co. trimmed its stake in Otis Worldwide Corporation (NYSE:OTIS) by 65.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 37,095 shares of the company’s stock after selling 70,193 shares during the period. Equitable Trust Co.’s holdings in Otis Worldwide were worth $2,859,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. State Street Corp raised its stake in shares of Otis Worldwide by 0.8% in the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after acquiring an additional 121,207 shares during the period. Geode Capital Management LLC boosted its stake in shares of Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after purchasing an additional 29,636 shares during the period. Norges Bank purchased a new position in shares of Otis Worldwide during the 4th quarter worth about $770,125,000. Franklin Resources Inc. grew its holdings in Otis Worldwide by 5.7% during the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after purchasing an additional 422,519 shares during the last quarter. Finally, PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 3.6% during the 4th quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company’s stock valued at $408,798,000 after purchasing an additional 163,476 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS stock opened at $73.03 on Friday. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $101.42. The firm’s 50-day moving average is $72.41 and its 200 day moving average is $81.03. The company has a market capitalization of $28.02 billion, a PE ratio of 19.42, a P/E/G ratio of 2.56 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last issued 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 company had revenue of $3.57 billion during the quarter, compared to the consensus estimate 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 revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.19 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OTIS. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. Wells Fargo & Company reduced their price target 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. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Weiss Ratings lowered Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, Morgan Stanley set a $88.00 price objective on Otis Worldwide in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price 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.