Otis Worldwide Corporation $OTIS Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 97.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,002,589 shares of the company’s stock after purchasing an additional 1,979,819 shares during the period. Van ECK Associates Corp’s holdings in Otis Worldwide were worth $349,626,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Cookson Peirce & Co. Inc. increased its holdings in shares of Otis Worldwide by 1.8% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after buying an additional 115 shares during the last quarter. Boyd Watterson Asset Management LLC OH increased its holdings in shares of Otis Worldwide by 4.0% during the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock worth $281,000 after buying an additional 124 shares during the last quarter. Moors & Cabot Inc. increased its holdings in shares of Otis Worldwide by 2.7% during the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock worth $414,000 after buying an additional 126 shares during the last quarter. Composition Wealth LLC increased its holdings in shares of Otis Worldwide by 4.2% during the 4th quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock worth $285,000 after buying an additional 131 shares during the last quarter. Finally, Cary Street Partners Financial LLC increased its holdings in shares of Otis Worldwide by 2.6% during the 3rd quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company’s stock worth $472,000 after buying an additional 132 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.9%

Shares of NYSE OTIS opened at $70.77 on Friday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $101.42. The company has a market cap of $27.16 billion, a P/E ratio of 18.82, a P/E/G ratio of 2.29 and a beta of 0.91. The stock has a fifty day moving average price of $75.04 and a 200 day moving average price of $83.13.

Otis Worldwide (NYSE:OTIS) last announced 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). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the company posted $0.92 earnings per share. The firm’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. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were paid a dividend of $0.44 per share. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 15th. Otis Worldwide’s payout ratio is 46.81%.

Analysts Set New Price Targets

OTIS has been the subject of a number of research analyst reports. Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Barclays dropped 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. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Royal Bank Of Canada lowered their price target on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Finally, Wells Fargo & Company lowered their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, April 1st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $97.58.

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.