First Trust Advisors LP Has $44.19 Million Holdings in Otis Worldwide Corporation $OTIS

Key Points

• First Trust Advisors increased its Otis Worldwide position by 16.3% in the first quarter, purchasing 80,364 additional shares. Its holdings were valued at approximately $44.19 million, while institutional investors collectively owned 88.03% of the company.
• Analyst sentiment remains mixed, with four Buy, five Hold, and one Sell rating. The consensus rating is Hold, with an average price target of $95.45 after several analysts lowered their targets.
• Otis reported quarterly adjusted earnings of $1.01 per share, matching estimates, while revenue of $3.86 billion exceeded expectations and rose 7.3% year over year. The company also declared a quarterly dividend of $0.44 per share, equivalent to a 2.4% annual yield.

First Trust Advisors LP increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 16.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 573,249 shares of the company's stock after purchasing an additional 80,364 shares during the quarter. First Trust Advisors LP owned 0.15% of Otis Worldwide worth $44,186,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in shares of Otis Worldwide by 3.4% during the 1st 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 stake in Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock valued at $928,000 after acquiring an additional 857 shares during the last quarter. Acadian Asset Management LLC raised its position in Otis Worldwide by 63.7% during the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after purchasing an additional 1,574 shares in the last quarter. Baird Financial Group Inc. raised its position in Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock valued at $3,193,000 after purchasing an additional 2,132 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Otis Worldwide by 13.3% during the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock valued at $1,012,000 after purchasing an additional 1,196 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of research analyst reports. Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating on the stock in a report on Thursday, April 23rd. Evercore reissued an "outperform" rating and set a $95.00 price target on shares of Otis Worldwide in a report on Thursday. Weiss Ratings cut Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research report on Friday, April 24th. Finally, Wells Fargo & Company reduced their price objective on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 1st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $95.45.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $73.25 on Tuesday. The company has a market cap of $28.11 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 2.58 and a beta of 0.90. The firm has a 50 day simple moving average of $71.99 and a 200 day simple moving average of $79.79. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts' consensus estimates of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company's quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the business posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, August 14th. Otis Worldwide's dividend payout ratio is presently 45.24%.

Otis Worldwide 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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