Engineers Gate Manager LP Trims Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Engineers Gate Manager LP cut its Otis Worldwide stake by 81% in the second quarter, selling 225,574 shares and retaining 52,894 shares valued at approximately $3.8 million.
• Institutional ownership remains high at 88.03%, with California State Teachers Retirement System significantly increasing its position and BlackRock acquiring a new stake.
• Analysts’ consensus rating is “Hold”, with an average price target of $92.91. Otis reported $1.01 in quarterly EPS, $3.86 billion in revenue, and pays a $0.44 quarterly dividend, yielding about 2.5%.

Engineers Gate Manager LP trimmed its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 81.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 52,894 shares of the company's stock after selling 225,574 shares during the quarter. Engineers Gate Manager LP's holdings in Otis Worldwide were worth $3,787,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. California State Teachers Retirement System grew its position in Otis Worldwide by 7,150.9% in the 2nd quarter. California State Teachers Retirement System now owns 45,473,804 shares of the company's stock valued at $3,255,924,000 after buying an additional 44,846,653 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Otis Worldwide in the 2nd quarter worth $2,264,017,000. State Street Corp increased its stake in shares of Otis Worldwide by 0.8% during the fourth quarter. State Street Corp now owns 16,128,197 shares of the company's stock worth $1,408,798,000 after acquiring an additional 121,207 shares during the period. Geode Capital Management LLC raised its holdings in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company's stock worth $945,020,000 after purchasing an additional 29,636 shares in the last quarter. Finally, Norges Bank acquired a new stake in Otis Worldwide in the fourth quarter valued at about $770,125,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Morgan Stanley set a $75.00 target price on Otis Worldwide in a research report on Monday, August 10th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Evercore reiterated an "outperform" rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Sanford C. Bernstein reduced their target price on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating for the company in a report on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $92.91.

Otis Worldwide Trading Up 1.7%

Shares of Otis Worldwide stock opened at $69.07 on Friday. Otis Worldwide Corporation has a 12-month low of $67.64 and a 12-month high of $94.57. The stock has a market cap of $26.29 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 2.43 and a beta of 0.88. The company has a 50-day moving average of $72.10 and a two-hundred day moving average of $75.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 14th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 14th. Otis Worldwide's payout ratio is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation NYSE: OTIS designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company's offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.

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