ICICI Prudential Asset Management Co Ltd Increases Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• ICICI Prudential Asset Management significantly increased its stake in Otis Worldwide, boosting holdings by 172.5% in the fourth quarter to 98,100 shares valued at about $8.57 million.
• Otis Worldwide reported Q1 earnings of $0.89 per share, missing analyst estimates, while revenue came in at $3.57 billion, also below expectations. Still, revenue rose 6.4% year over year, and the company reaffirmed FY2026 EPS guidance of 4.20–4.24.
• The company raised its quarterly dividend to $0.44 per share from $0.42, bringing the annualized payout to $1.76 and a yield of about 2.5%. Shares were trading near $70.23, close to their 12-month low and well below the 12-month high.

ICICI Prudential Asset Management Co Ltd boosted its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 172.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,100 shares of the company's stock after acquiring an additional 62,100 shares during the quarter. ICICI Prudential Asset Management Co Ltd's holdings in Otis Worldwide were worth $8,569,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Cookson Peirce & Co. Inc. boosted its holdings in Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company's stock valued at $605,000 after purchasing an additional 115 shares during the last quarter. Boyd Watterson Asset Management LLC OH boosted its holdings in Otis Worldwide by 4.0% in the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company's stock valued at $281,000 after purchasing an additional 124 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in Otis Worldwide by 2.7% in the fourth quarter. Moors & Cabot Inc. now owns 4,741 shares of the company's stock valued at $414,000 after purchasing an additional 126 shares during the last quarter. Composition Wealth LLC boosted its holdings in Otis Worldwide by 4.2% in the fourth quarter. Composition Wealth LLC now owns 3,258 shares of the company's stock valued at $285,000 after purchasing an additional 131 shares during the last quarter. Finally, Cary Street Partners Financial LLC boosted its holdings in Otis Worldwide by 2.6% in the third quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company's stock valued at $472,000 after purchasing an additional 132 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.8%

Shares of Otis Worldwide stock opened at $70.23 on Friday. The business's 50 day simple moving average is $75.18 and its 200-day simple moving average is $83.22. The stock has a market capitalization of $26.95 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 2.27 and a beta of 0.91. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.02). The company had revenue of $3.57 billion for the quarter, compared to analyst estimates 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 for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Sell-side analysts predict that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 15th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, May 15th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.42. Otis Worldwide's payout ratio is currently 46.81%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Evercore assumed coverage on Otis Worldwide in a research note on Monday, April 13th. They set an "outperform" rating and a $100.00 price objective on the stock. UBS Group set a $105.00 price objective on Otis Worldwide in a research note on Thursday, April 23rd. Wells Fargo & Company cut 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. Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research note on Friday, April 24th. Finally, Royal Bank Of Canada cut their price objective on Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating on the stock in a research note on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $97.58.

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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