CenterBook Partners LP Boosts Position in Otis Worldwide Corporation $OTIS

CenterBook Partners LP increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 83.2% during the 4th quarter, HoldingsChannel reports. The fund owned 27,007 shares of the company’s stock after acquiring an additional 12,262 shares during the quarter. CenterBook Partners LP’s holdings in Otis Worldwide were worth $2,359,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Camelot Portfolios LLC acquired a new position in Otis Worldwide in the 4th quarter valued at about $26,000. Stance Capital LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter worth approximately $27,000. Elevation Wealth Partners LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $32,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $33,000. Finally, Board of the Pension Protection Fund acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $71.24 on Wednesday. The firm has a market capitalization of $27.34 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 2.27 and a beta of 0.91. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $101.42. The firm’s 50-day moving average is $75.44 and its two-hundred day moving average is $83.46.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The business had revenue of $3.57 billion during the quarter, compared to analyst estimates 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 for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Analysts expect that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be paid a $0.44 dividend. The ex-dividend date is Friday, May 15th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide’s payout ratio is 46.81%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wells Fargo & Company cut their target price on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings lowered Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Royal Bank Of Canada cut their price objective on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a report on Thursday, April 23rd. Finally, Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research note on Friday, April 24th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock 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.