Guinness Asset Management LTD Raises Stake in Otis Worldwide Corporation $OTIS

Guinness Asset Management LTD grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 10.8% in the fourth quarter, Holdings Channel reports. The firm owned 2,118,941 shares of the company’s stock after acquiring an additional 206,786 shares during the period. Otis Worldwide accounts for approximately 3.0% of Guinness Asset Management LTD’s holdings, making the stock its 20th largest position. Guinness Asset Management LTD’s holdings in Otis Worldwide were worth $186,305,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Root Financial Partners LLC purchased a new stake in Otis Worldwide in the third quarter worth about $26,000. Stance Capital LLC purchased a new stake in Otis Worldwide in the third quarter worth about $27,000. Camelot Portfolios LLC purchased a new stake in Otis Worldwide in the fourth quarter worth about $26,000. Rakuten Investment Management Inc. purchased a new stake in Otis Worldwide in the third quarter worth about $31,000. Finally, Westside Investment Management Inc. lifted its stake in Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after acquiring an additional 168 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research reports. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. Royal Bank Of Canada lowered their price objective 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. Barclays lowered their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research note on Thursday, April 23rd. Wells Fargo & Company lowered 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. Finally, Evercore initiated coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $97.64.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $72.79 on Friday. The company has a market capitalization of $27.93 billion, a PE ratio of 19.36, a P/E/G ratio of 2.34 and a beta of 0.95. The company has a 50-day simple moving average of $77.66 and a two-hundred day simple moving average of $85.10. Otis Worldwide Corporation has a one year low of $69.72 and a one year high of $101.42.

Otis Worldwide (NYSE:OTIS) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.19 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be issued a $0.44 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, May 15th. Otis Worldwide’s dividend payout ratio is presently 46.81%.

Otis Worldwide 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.