Clifford Swan Investment Counsel LLC Buys 49,054 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Clifford Swan Investment Counsel LLC more than doubled its Otis Worldwide stake in Q1, buying 49,054 shares and lifting its position to 90,992 shares worth about $7.0 million.
• Otis Worldwide reported mixed quarterly results: EPS of $0.89 missed estimates and revenue of $3.57 billion came in below expectations, though revenue was still up 6.4% year over year.
• The company raised its quarterly dividend to $0.44 per share, and analysts currently have a consensus Hold rating with an average price target of $96.55.

Clifford Swan Investment Counsel LLC grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 117.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,992 shares of the company's stock after acquiring an additional 49,054 shares during the quarter. Clifford Swan Investment Counsel LLC's holdings in Otis Worldwide were worth $7,014,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its holdings in Otis Worldwide by 5.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company's stock worth $202,000 after purchasing an additional 123 shares during the last quarter. Boyd Watterson Asset Management LLC OH raised its stake in 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 valued at $281,000 after buying an additional 124 shares during the last quarter. Moors & Cabot Inc. raised its stake in Otis Worldwide by 2.7% during the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company's stock valued at $414,000 after buying an additional 126 shares during the last quarter. Composition Wealth LLC lifted 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 valued at $285,000 after buying an additional 131 shares during the period. Finally, Stephens Inc. AR boosted its stake in shares of Otis Worldwide by 2.6% in the 4th quarter. Stephens Inc. AR now owns 5,222 shares of the company's stock worth $456,000 after buying an additional 132 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $73.50 on Friday. The stock has a 50-day simple moving average of $72.09 and a two-hundred day simple moving average of $80.53. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.14. The firm has a market capitalization of $28.20 billion, a PE ratio of 19.55, a P/E/G ratio of 2.69 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.02). Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The company had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the business earned $0.92 EPS. The firm's quarterly 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. Equities analysts forecast that Otis Worldwide Corporation will post 4.16 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.76 annualized dividend and a yield of 2.4%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.42. Otis Worldwide's payout ratio is currently 46.81%.

Analyst Ratings Changes

A number of research firms have issued reports on OTIS. Weiss Ratings downgraded Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Royal Bank Of Canada lowered 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 note on Thursday, April 23rd. Sanford C. Bernstein started coverage on shares of Otis Worldwide in a report on Tuesday, June 9th. They issued an "outperform" rating and a $97.00 price objective on the stock. Barclays cut their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating for the company in a research report on Thursday, April 23rd. Finally, Wells Fargo & Company decreased 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 research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $96.55.

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.

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