Legal & General Group Plc Sells 171,005 Shares of Otis Worldwide Corporation $OTIS

Legal & General Group Plc lowered its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.9% during the fourth quarter, Holdings Channel reports. The firm owned 2,732,214 shares of the company’s stock after selling 171,005 shares during the period. Legal & General Group Plc’s holdings in Otis Worldwide were worth $238,659,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. Van ECK Associates Corp raised its holdings in shares of Otis Worldwide by 3,464.3% during the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock valued at $184,942,000 after purchasing an additional 1,966,019 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after purchasing an additional 1,445,904 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock valued at $185,612,000 after purchasing an additional 1,352,530 shares in the last quarter. Independent Franchise Partners LLP bought a new position in shares of Otis Worldwide during the 3rd quarter valued at $100,435,000. Finally, CIBC Private Wealth Group LLC raised its holdings in shares of Otis Worldwide by 54.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after purchasing an additional 1,013,876 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $71.75 on Thursday. The company has a market capitalization of $27.53 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.37 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $69.72 and a one year high of $101.42. The company’s fifty day moving average price is $77.02 and its 200 day moving average price is $84.67.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing the consensus estimate 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 was up 6.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Analysts anticipate that Otis Worldwide Corporation will post 4.2 earnings per share for the current 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 issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, May 15th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s payout ratio is presently 46.81%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent research reports. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. UBS Group set a $105.00 price target on shares of Otis Worldwide in a report on Thursday, April 23rd. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Finally, Evercore initiated coverage on shares of Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 target price on the stock. Three equities 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. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $97.64.

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.