Franklin Resources Inc. Buys 422,519 Shares of Otis Worldwide Corporation $OTIS

Franklin Resources Inc. increased its position in Otis Worldwide Corporation (NYSE:OTIS) by 5.7% during the fourth quarter, HoldingsChannel.com reports. The firm owned 7,842,153 shares of the company’s stock after acquiring an additional 422,519 shares during the quarter. Franklin Resources Inc.’s holdings in Otis Worldwide were worth $685,012,000 as of its most recent SEC filing.

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

Otis Worldwide Price Performance

OTIS stock opened at $69.57 on Tuesday. The company has a market cap of $26.69 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 2.29 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 stock’s fifty day moving average price is $75.54 and its 200-day moving average price is $83.57.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The firm had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, May 15th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s payout ratio is 46.81%.

Wall Street Analyst Weigh In

Several analysts have commented on OTIS shares. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Wells Fargo & Company lowered their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Barclays reduced their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a report on Thursday, April 23rd. UBS Group set a $105.00 target price on Otis Worldwide in a research report on Thursday, April 23rd. Finally, Evercore initiated coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They set an “outperform” rating and a $100.00 target price on the stock. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.