Otis Worldwide Corporation $OTIS Stake Lowered by Clearbridge Investments LLC

Clearbridge Investments LLC cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,115,251 shares of the company’s stock after selling 35,208 shares during the quarter. Clearbridge Investments LLC’s holdings in Otis Worldwide were worth $97,417,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. ING Groep NV boosted its position in shares of Otis Worldwide by 175.9% during the fourth quarter. ING Groep NV now owns 250,365 shares of the company’s stock worth $21,869,000 after buying an additional 159,627 shares during the period. Capital Research Global Investors boosted its position in shares of Otis Worldwide by 0.6% during the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock worth $248,417,000 after buying an additional 18,189 shares during the period. Cookson Peirce & Co. Inc. boosted its position in shares of Otis Worldwide by 14.3% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 7,561 shares of the company’s stock worth $660,000 after buying an additional 946 shares during the period. Havemeyer Place LP acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $1,418,000. Finally, 111 Capital boosted its position in shares of Otis Worldwide by 66.0% during the fourth quarter. 111 Capital now owns 15,462 shares of the company’s stock worth $1,351,000 after buying an additional 6,149 shares during the period. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several analyst reports. Barclays reduced 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. Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research report on Friday, April 24th. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Wells Fargo & Company reduced 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. Finally, Evercore initiated 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. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.64.

Otis Worldwide Price Performance

OTIS opened at $69.57 on Tuesday. The company has a market capitalization of $26.69 billion, a price-to-earnings 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 business has a 50 day moving average price of $75.54 and a two-hundred day moving average price of $83.57.

Otis Worldwide (NYSE:OTIS) last released its 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 negative return on equity of 29.39% and a net margin of 10.11%.The firm had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter last year, the company earned $0.92 earnings per share. The business’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 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be given a dividend of $0.44 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date is Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s payout ratio is currently 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.