Lazard Freres Gestion S.A.S. Boosts Position in Otis Worldwide Corporation $OTIS

Key Points

• Lazard Freres Gestion S.A.S. increased its Otis Worldwide stake by 21.9% in the fourth quarter, buying 235,316 more shares and bringing its total holding to 1.31 million shares worth about $114.4 million.
• Several other major institutions also added to their positions, and hedge funds and other institutional investors now own 88.03% of Otis Worldwide’s stock.
• Otis recently reported quarterly EPS of $0.89, missing estimates, while revenue came in at $3.57 billion versus expectations of $3.77 billion. The company also raised its quarterly dividend to $0.44 per share, and analysts currently rate the stock a consensus Hold with an average target price of $97.64.

Lazard Freres Gestion S.A.S. increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 21.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,309,160 shares of the company's stock after purchasing an additional 235,316 shares during the quarter. Otis Worldwide makes up approximately 2.1% of Lazard Freres Gestion S.A.S.'s portfolio, making the stock its 16th biggest position. Lazard Freres Gestion S.A.S. owned approximately 0.34% of Otis Worldwide worth $114,355,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its stake in 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 purchasing an additional 322,255 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Otis Worldwide by 3.1% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company's stock valued at $436,866,000 after buying an additional 145,817 shares during the last quarter. PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 3.6% in the fourth quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company's stock valued at $408,798,000 after buying an additional 163,476 shares during the last quarter. Wellington Management Group LLP lifted its stake in Otis Worldwide by 15.3% in the third quarter. Wellington Management Group LLP now owns 3,529,185 shares of the company's stock valued at $322,673,000 after buying an additional 468,184 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Otis Worldwide by 7.9% in the third quarter. Marshall Wace LLP now owns 3,068,281 shares of the company's stock valued at $280,533,000 after buying an additional 223,757 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on OTIS shares. JPMorgan Chase & Co. cut Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Royal Bank Of Canada reduced their price objective on Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating for the company in a research note on Thursday, April 23rd. Wells Fargo & Company reduced their price objective on 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. Finally, Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $97.64.

Otis Worldwide Trading Down 0.4%

Shares of NYSE OTIS opened at $70.84 on Wednesday. Otis Worldwide Corporation has a twelve month low of $69.72 and a twelve month high of $101.42. The stock has a 50 day moving average of $78.51 and a two-hundred day moving average of $85.48. The stock has a market cap of $27.18 billion, a P/E ratio of 18.84, a P/E/G ratio of 2.33 and a beta of 0.95.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.02). The company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, research analysts predict that Otis Worldwide Corporation will post 4.19 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

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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