Otis Worldwide Corporation $OTIS Stock Position Lifted by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its stake in Otis Worldwide Corporation (NYSE:OTIS) by 68.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,269,413 shares of the company’s stock after acquiring an additional 513,778 shares during the quarter. Hsbc Holdings PLC’s holdings in Otis Worldwide were worth $90,918,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new position in Otis Worldwide during the second quarter worth about $2,264,017,000. State Street Corp increased its position 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 worth $1,408,798,000 after acquiring an additional 121,207 shares in the last quarter. Geode Capital Management LLC raised its stake in Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after purchasing an additional 29,636 shares during the period. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter valued at $770,125,000. Finally, Franklin Resources Inc. increased its holdings in shares of Otis Worldwide by 5.7% in 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 period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.0%

Shares of Otis Worldwide stock opened at $71.19 on Monday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The company has a 50-day simple moving average of $72.37 and a 200 day simple moving average of $76.27. The stock has a market capitalization of $27.10 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the previous year, the business earned $1.05 EPS. Otis Worldwide’s revenue was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s payout ratio is currently 45.24%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein dropped their price objective on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Finally, Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.91.

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.