Equitable Trust Co. Sells 70,193 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Equitable Trust Co. cut its Otis Worldwide stake by 65.4% in the first quarter, selling 70,193 shares and leaving it with 37,095 shares valued at about $2.86 million.
• Otis Worldwide’s latest earnings missed expectations, with Q1 EPS of $0.89 versus $0.91 expected and revenue of $3.57 billion versus $3.77 billion forecast, though revenue still rose 6.4% year over year.
• Analysts have turned more cautious on the stock, with several firms lowering price targets; the consensus rating remains Hold with a consensus price target of $97.58, while the company also raised its quarterly dividend to $0.44 per share.

Equitable Trust Co. lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 65.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 37,095 shares of the company's stock after selling 70,193 shares during the period. Equitable Trust Co.'s holdings in Otis Worldwide were worth $2,859,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Camelot Portfolios LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth about $26,000. Stance Capital LLC purchased a new position in Otis Worldwide in the 3rd quarter worth approximately $27,000. Garton & Associates Financial Advisors LLC purchased a new position in Otis Worldwide in the 4th quarter worth approximately $27,000. Elevation Wealth Partners LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $33,000. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on OTIS shares. Royal Bank Of Canada reduced 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. UBS Group set a $105.00 target price on shares of Otis Worldwide in a research report on Thursday, April 23rd. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 1st. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Wednesday, April 8th. Finally, Barclays decreased their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $97.58.

Otis Worldwide Price Performance

NYSE OTIS opened at $73.03 on Friday. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42. The business has a 50 day simple moving average of $72.41 and a two-hundred day simple moving average of $81.03. The stock has a market capitalization of $28.02 billion, a PE ratio of 19.42, a P/E/G ratio of 2.56 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The firm's revenue was up 6.4% on a year-over-year basis. During the same period last year, the company earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, analysts anticipate that Otis Worldwide Corporation will post 4.19 EPS for the current fiscal 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 of this dividend was Friday, May 15th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. Otis Worldwide's payout ratio is currently 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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