TD Asset Management Inc Raises Stock Position in Otis Worldwide Corporation $OTIS

TD Asset Management Inc grew its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 13.0% during the fourth quarter, Holdings Channel reports. The firm owned 212,072 shares of the company’s stock after purchasing an additional 24,400 shares during the quarter. TD Asset Management Inc’s holdings in Otis Worldwide were worth $18,524,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after purchasing an additional 29,636 shares during the period. Norges Bank acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $770,125,000. Franklin Resources Inc. grew its position in shares of Otis Worldwide by 4.5% during the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock worth $678,377,000 after buying an additional 322,255 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Otis Worldwide by 3.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock worth $436,866,000 after buying an additional 145,817 shares in the last quarter. Finally, PineStone Asset Management Inc. grew its position in shares of Otis Worldwide by 3.6% during the fourth quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company’s stock worth $408,798,000 after buying an additional 163,476 shares in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.1%

Shares of OTIS opened at $70.41 on Monday. The stock has a 50 day moving average price of $75.70 and a 200 day moving average price of $83.70. The company has a market capitalization of $27.02 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 2.29 and a beta of 0.91. 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 quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) 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 business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 15th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, May 15th. Otis Worldwide’s dividend payout ratio is currently 46.81%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on OTIS. UBS Group set a $105.00 price objective on Otis Worldwide in a research report on Thursday, April 23rd. Barclays lowered their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research report on Thursday, April 23rd. Evercore began coverage on Otis Worldwide in a research report on Monday, April 13th. They set an “outperform” rating and a $100.00 price objective for the company. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $97.64.

Otis Worldwide Company 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.