Alberta Investment Management Corp Increases Stake in Otis Worldwide Corporation $OTIS

Key Points

• Alberta Investment Management Corp boosted its Otis Worldwide stake by 44.1% in the fourth quarter, bringing its holdings to 170,600 shares valued at about $14.9 million.
• Other institutional investors also made smaller increases, and 88.03% of Otis shares are now owned by hedge funds and other institutions, highlighting strong institutional interest.
• Analysts remain cautious on the stock: Otis has a “Hold” consensus rating with a consensus price target of $97.58, while recent earnings missed expectations and the shares traded at $71.86.

Alberta Investment Management Corp increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 44.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 170,600 shares of the company's stock after buying an additional 52,200 shares during the period. Alberta Investment Management Corp's holdings in Otis Worldwide were worth $14,902,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its stake in Otis Worldwide by 5.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company's stock worth $202,000 after buying an additional 123 shares during the period. Boyd Watterson Asset Management LLC OH increased its position in shares of Otis Worldwide by 4.0% in the 4th quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company's stock valued at $281,000 after purchasing an additional 124 shares during the last quarter. Moors & Cabot Inc. increased its position in shares of Otis Worldwide by 2.7% in the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company's stock valued at $414,000 after purchasing an additional 126 shares during the last quarter. Composition Wealth LLC increased its position in shares of Otis Worldwide by 4.2% in the 4th quarter. Composition Wealth LLC now owns 3,258 shares of the company's stock valued at $285,000 after purchasing an additional 131 shares during the last quarter. Finally, Cary Street Partners Financial LLC increased its position in shares of Otis Worldwide by 2.6% in the 3rd quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company's stock valued at $472,000 after purchasing an additional 132 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on OTIS shares. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 1st. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, April 8th. Weiss Ratings downgraded shares of Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Barclays dropped their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a research report on Thursday, April 23rd. Finally, Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating on the stock in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $97.58.

Otis Worldwide Price Performance

NYSE OTIS opened at $71.86 on Tuesday. The firm's fifty day moving average price is $74.92 and its 200 day moving average price is $82.99. The company has a market capitalization of $27.57 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 2.31 and a beta of 0.91. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted 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 company had revenue of $3.57 billion during the quarter, compared to analysts' expectations 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 period last year, the business earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were paid a dividend of $0.44 per share. The ex-dividend date was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.42. Otis Worldwide's dividend payout ratio (DPR) is currently 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.

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