Engineers Gate Manager LP Grows Position in Otis Worldwide Corporation $OTIS

Engineers Gate Manager LP boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 654.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 727,362 shares of the company’s stock after acquiring an additional 630,915 shares during the period. Otis Worldwide comprises approximately 0.8% of Engineers Gate Manager LP’s holdings, making the stock its 16th biggest holding. Engineers Gate Manager LP’s holdings in Otis Worldwide were worth $63,535,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Otis Worldwide by 39.1% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 15,990 shares of the company’s stock valued at $1,397,000 after acquiring an additional 4,496 shares during the last quarter. DV Equities LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $48,000. EFG International AG purchased a new stake in shares of Otis Worldwide during the 4th quarter worth about $2,516,000. BCV Asset Management Inc. acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $11,048,000. Finally, Cetera Investment Advisers raised its holdings in Otis Worldwide by 2.9% in the fourth quarter. Cetera Investment Advisers now owns 66,353 shares of the company’s stock valued at $5,796,000 after buying an additional 1,846 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on OTIS shares. Wells Fargo & Company decreased their price objective on shares of 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. Barclays reduced their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research report on Friday, April 24th. Weiss Ratings lowered Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $97.58.

Otis Worldwide Stock Down 1.0%

OTIS opened at $72.75 on Thursday. The firm’s 50 day moving average is $74.72 and its 200-day moving average is $82.77. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.42. The firm has a market capitalization of $27.91 billion, a P/E ratio of 19.35, a P/E/G ratio of 2.40 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results 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). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same period in the previous year, the business posted $0.92 earnings per share. Otis Worldwide’s revenue for the quarter was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Equities analysts expect that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were paid a dividend of $0.44 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Friday, May 15th. Otis Worldwide’s payout ratio is 46.81%.

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.