Otis Worldwide Corporation $OTIS Holdings Lessened by Brown Shipley& Co Ltd

Brown Shipley& Co Ltd reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 62.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 11,548 shares of the company’s stock after selling 19,037 shares during the quarter. Brown Shipley& Co Ltd’s holdings in Otis Worldwide were worth $743,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. BlackRock Inc. purchased a new position in shares of Otis Worldwide during the second quarter worth about $2,264,017,000. State Street Corp lifted its holdings in shares of Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Otis Worldwide in the second quarter valued at about $423,739,000. Van ECK Associates Corp increased its stake in shares of Otis Worldwide by 97.9% during the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock worth $349,626,000 after acquiring an additional 1,979,819 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Otis Worldwide in the second quarter valued at about $223,003,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OTIS. Sanford C. Bernstein reissued an “outperform” rating on shares of Otis Worldwide in a report on Monday, September 21st. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research report on Monday, August 10th. Wells Fargo & Company started coverage on shares of Otis Worldwide in a research report on Thursday, September 24th. They set an “underweight” rating and a $77.00 price target for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday, July 28th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $91.00.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.14 during mid-day trading on Friday, hitting $66.25. 1,356,324 shares of the stock were exchanged, compared to its average volume of 3,864,304. The company has a market cap of $25.22 billion, a P/E ratio of 17.02, a PEG ratio of 2.30 and a beta of 0.87. The stock’s fifty day simple moving average is $69.88 and its two-hundred day simple moving average is $72.80. Otis Worldwide Corporation has a twelve month low of $63.58 and a twelve month high of $94.57.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the firm earned $1.05 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 11th. Investors of record on Friday, August 14th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.7%. The ex-dividend date was Friday, August 14th. Otis Worldwide’s dividend payout ratio is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider focused on elevator and escalator systems. The company designs, manufactures, installs and maintains elevators, escalators and moving walkways for commercial buildings, residential properties, transportation hubs and other infrastructure.

Its offerings include passenger and freight elevators, escalators, moving walkways, digital monitoring solutions and related components. Otis also provides ongoing maintenance, repair, modernization and replacement services, which support the performance and safety of equipment throughout its operating life.

The company traces its origins to 1853, when Elisha Graves Otis demonstrated a safety elevator that helped make taller buildings practical.