Havemeyer Place LP Purchases New Holdings in Otis Worldwide Corporation $OTIS

Havemeyer Place LP purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 16,230 shares of the company’s stock, valued at approximately $1,418,000.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Jones Financial Companies Lllp increased its holdings in shares of Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after purchasing an additional 304 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after purchasing an additional 857 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after acquiring an additional 1,574 shares during the last quarter. Baird Financial Group Inc. boosted its stake in Otis Worldwide by 7.1% in the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock valued at $3,193,000 after acquiring an additional 2,132 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Otis Worldwide by 13.3% in the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock valued at $1,012,000 after acquiring an additional 1,196 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OTIS. Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research note on Friday, April 24th. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Barclays lowered their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Thursday, April 23rd. UBS Group set a $105.00 price objective on Otis Worldwide in a report on Thursday, April 23rd. Finally, Evercore initiated coverage on Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective for the company. Three investment 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $97.64.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $70.41 on Monday. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 18.73, a PEG ratio of 2.29 and a beta of 0.91. The company has a 50-day simple moving average of $75.70 and a 200 day simple moving average of $83.70. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $101.42.

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 29.39% and a net margin of 10.11%.The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

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