CIBC Asset Management Inc Raises Stake in Otis Worldwide Corporation $OTIS

Key Points

• CIBC Asset Management increased its Otis Worldwide stake by 23.2% in the fourth quarter, adding 37,656 shares and bringing its total to 199,893 shares valued at about $17.46 million.
• Institutional ownership in Otis remains very high at 88.03%, and several other large investors also adjusted their positions during recent quarters.
• Otis reported quarterly EPS of $0.89, missing estimates, while revenue came in below expectations at $3.57 billion; the company also raised its quarterly dividend to $0.44 per share.

CIBC Asset Management Inc boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 23.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 199,893 shares of the company's stock after purchasing an additional 37,656 shares during the quarter. CIBC Asset Management Inc owned about 0.05% of Otis Worldwide worth $17,460,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company's stock worth $945,020,000 after buying an additional 29,636 shares during the last quarter. Norges Bank bought a new stake in Otis Worldwide in the fourth quarter worth $770,125,000. Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 4.5% in the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company's stock worth $678,377,000 after acquiring an additional 322,255 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Otis Worldwide by 3.1% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company's stock worth $436,866,000 after acquiring an additional 145,817 shares during the last quarter. Finally, PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 3.6% during the fourth quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company's stock valued at $408,798,000 after acquiring an additional 163,476 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of analyst reports. Evercore assumed coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They issued an "outperform" rating and a $100.00 price target on the stock. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. Wolfe Research cut 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 research note on Friday, May 15th. Finally, Wells Fargo & Company cut their price target 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. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $97.64.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $69.84 on Friday. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $101.42. The business has a 50-day simple moving average of $75.86 and a two-hundred day simple moving average of $83.82. The firm has a market cap of $26.80 billion, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 2.28 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.77 billion. During the same period in the previous year, the business earned $0.92 EPS. The business's revenue was up 6.4% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, research analysts predict that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be given a $0.44 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide's payout ratio is presently 46.81%.

About Otis Worldwide

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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