Millennium Management LLC Has $208.55 Million Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Millennium Management dramatically increased its Otis Worldwide stake by 1,047% in the fourth quarter, ending with 2.39 million shares worth about $208.5 million.
• Other institutional investors also added to OTIS, and overall hedge funds and institutions now own 88.03% of the company’s stock.
• Otis Worldwide recently raised its quarterly dividend to $0.44 per share, while analysts currently rate the stock a Hold with a consensus target price of $97.58.

Millennium Management LLC boosted its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1,047.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,387,466 shares of the company's stock after purchasing an additional 2,179,314 shares during the quarter. Millennium Management LLC owned about 0.61% of Otis Worldwide worth $208,545,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Smartleaf Asset Management LLC raised its stake in Otis Worldwide by 5.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company's stock valued at $202,000 after purchasing an additional 123 shares in the last quarter. Boyd Watterson Asset Management LLC OH raised its stake 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 in the last quarter. Moors & Cabot Inc. raised its stake 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 in the last quarter. Composition Wealth LLC raised its stake 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 in the last quarter. Finally, Cary Street Partners Financial LLC raised its stake 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 in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of analyst reports. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research note on Friday, April 24th. UBS Group set a $105.00 target price on Otis Worldwide in a research report on Thursday, April 23rd. Weiss Ratings cut Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Sanford C. Bernstein initiated coverage on Otis Worldwide in a research report on Tuesday, June 9th. They issued an "outperform" rating and a $97.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $92.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $97.58.

Otis Worldwide Stock Down 1.0%

Otis Worldwide stock opened at $72.75 on Thursday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $101.42. The business's 50-day moving average price is $74.72 and its two-hundred day moving average price is $82.77. The stock has a market cap of $27.91 billion, a PE ratio of 19.35, a P/E/G ratio of 2.40 and a beta of 0.91.

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). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. The business's revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, analysts expect that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. Otis Worldwide's dividend payout ratio (DPR) is presently 46.81%.

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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