First Eagle Investment Management LLC Purchases 18,940 Shares of Otis Worldwide Corporation $OTIS

Key Points

• First Eagle Investment Management increased its Otis Worldwide position by 13.2% in the fourth quarter, adding 18,940 shares to bring its total to 162,639 shares worth about $14.2 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding 88.03% of Otis stock, while insider Stephane De Montlivault recently sold 47,944 shares at $92.25 each.
• Otis reported mixed quarterly results, missing estimates on both EPS and revenue, even as revenue rose 6.4% year over year. The company also raised its quarterly dividend to $0.44 per share, and analysts currently have a consensus Hold rating with a $97.64 target price.

First Eagle Investment Management LLC boosted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 162,639 shares of the company's stock after acquiring an additional 18,940 shares during the quarter. First Eagle Investment Management LLC's holdings in Otis Worldwide were worth $14,207,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 4.5% during the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company's stock worth $678,377,000 after buying an additional 322,255 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Otis Worldwide by 2.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,092,014 shares of the company's stock worth $648,423,000 after buying an additional 181,739 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Otis Worldwide by 3.1% during 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 buying an additional 145,817 shares during the last quarter. PineStone Asset Management Inc. grew its stake 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 worth $408,798,000 after buying an additional 163,476 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Otis Worldwide by 15.3% during the third quarter. Wellington Management Group LLP now owns 3,529,185 shares of the company's stock worth $322,673,000 after buying an additional 468,184 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of the company's stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the transaction, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This represents a 62.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OTIS. UBS Group set a $105.00 target price 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 research note on Wednesday, April 8th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 target price on the stock. in a research note on Friday, January 30th. Evercore began coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They issued an "outperform" rating and a $100.00 price objective on the stock. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Otis Worldwide in a research note on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $97.64.

Otis Worldwide Stock Up 0.2%

Shares of Otis Worldwide stock opened at $74.18 on Wednesday. Otis Worldwide Corporation has a twelve month low of $73.11 and a twelve month high of $101.42. The stock has a market cap of $28.46 billion, a price-to-earnings ratio of 19.73, a P/E/G ratio of 2.43 and a beta of 0.95. The company's fifty day moving average is $80.46 and its 200 day moving average is $86.20.

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 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 business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same period in the prior year, the firm earned $0.92 EPS. The business's revenue for the quarter 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, equities analysts anticipate that Otis Worldwide Corporation will post 4.18 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be issued a dividend of $0.44 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, May 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 44.68%.

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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