Wealthfront Advisers LLC Sells 12,942 Shares of Otis Worldwide Corporation $OTIS

Wealthfront Advisers LLC trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 37.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,913 shares of the company’s stock after selling 12,942 shares during the period. Wealthfront Advisers LLC’s holdings in Otis Worldwide were worth $1,689,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Jones Financial Companies Lllp increased its position in shares of Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after acquiring an additional 304 shares during the last quarter. Empowered Funds LLC boosted its position in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after purchasing an additional 857 shares during the last quarter. Acadian Asset Management LLC boosted its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after purchasing an additional 1,574 shares during the last quarter. Baird Financial Group Inc. grew its stake in Otis Worldwide by 7.1% in the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company’s stock valued at $3,193,000 after purchasing an additional 2,132 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in Otis Worldwide by 13.3% in the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company’s stock valued at $1,012,000 after purchasing an additional 1,196 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $73.55 on Tuesday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $101.14. The firm’s 50-day simple moving average is $72.08 and its 200 day simple moving average is $80.38. The firm has a market cap of $28.22 billion, a price-to-earnings ratio of 19.56, a P/E/G ratio of 2.64 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.02). The company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.16 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on OTIS shares. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research report on Friday, April 24th. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday, April 23rd. Sanford C. Bernstein started coverage on shares of Otis Worldwide in a report on Tuesday, June 9th. They set an “outperform” rating and a $97.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $96.55.

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.