ExodusPoint Capital Management LP Boosts Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• ExodusPoint Capital Management boosted its Otis Worldwide stake by 40.9% in the fourth quarter, adding 208,755 shares to bring its total to 718,853 shares valued at about $62.8 million.
• Otis Worldwide reported mixed quarterly results, with EPS of $0.89 and revenue of $3.57 billion both missing expectations, though revenue still rose 6.4% year over year.
• The company raised its quarterly dividend to $0.44 per share from $0.42, while analysts currently rate the stock a consensus Hold with an average target price of $97.58.

ExodusPoint Capital Management LP lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 40.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 718,853 shares of the company's stock after acquiring an additional 208,755 shares during the quarter. Otis Worldwide accounts for about 0.5% of ExodusPoint Capital Management LP's portfolio, making the stock its 13th largest position. ExodusPoint Capital Management LP owned 0.18% of Otis Worldwide worth $62,792,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of OTIS. Jones Financial Companies Lllp increased its position in shares of Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock worth $949,000 after acquiring an additional 304 shares during the period. Empowered Funds LLC increased its position in shares of Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after acquiring an additional 857 shares during the period. Acadian Asset Management LLC increased its position in shares of Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after acquiring an additional 1,574 shares during the period. Baird Financial Group Inc. increased its position in shares of Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock worth $3,193,000 after acquiring an additional 2,132 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Otis Worldwide by 13.3% during the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock worth $1,012,000 after acquiring an additional 1,196 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $73.44 on Wednesday. The firm has a market capitalization of $28.18 billion, a PE ratio of 19.53, a price-to-earnings-growth ratio of 2.34 and a beta of 0.91. The business's fifty day moving average price is $74.83 and its 200 day moving average price is $82.88. 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 the consensus estimate of $0.91 by ($0.02). The business 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 business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Barclays cut their price objective on Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a research report on Thursday, April 23rd. Weiss Ratings lowered Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Wells Fargo & Company dropped their target price on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 1st. Morgan Stanley set a $88.00 target price on Otis Worldwide in a report on Friday, April 24th. Finally, Sanford C. Bernstein started coverage on Otis Worldwide in a report on Tuesday, June 9th. They issued an "outperform" rating and a $97.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $97.58.

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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