Otis Worldwide Corporation $OTIS Shares Purchased by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp dramatically increased its Otis Worldwide stake in Q1, boosting holdings by 671.5% to 81,714 shares worth about $6.3 million.
• Otis Worldwide reported mixed quarterly results, with EPS of $0.89 missing estimates and revenue of $3.57 billion also below expectations, though revenue was still up 6.4% year over year.
• The company raised its quarterly dividend to $0.44 per share from $0.42, equal to an annualized dividend of $1.76 and a 2.3% yield.

Fifth Third Bancorp raised its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 671.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 81,714 shares of the company's stock after buying an additional 71,123 shares during the quarter. Fifth Third Bancorp's holdings in Otis Worldwide were worth $6,298,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its stake in Otis Worldwide by 4.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 9,221 shares of the company's stock valued at $711,000 after purchasing an additional 408 shares during the period. Burney Co. increased its stake in shares of Otis Worldwide by 56.0% in the first quarter. Burney Co. now owns 14,389 shares of the company's stock valued at $1,109,000 after purchasing an additional 5,163 shares during the period. Swedbank AB raised its holdings in shares of Otis Worldwide by 7.4% during the first quarter. Swedbank AB now owns 266,602 shares of the company's stock valued at $20,550,000 after buying an additional 18,400 shares during the last quarter. Kathmere Capital Management LLC raised its holdings in shares of Otis Worldwide by 53.2% during the first quarter. Kathmere Capital Management LLC now owns 3,775 shares of the company's stock valued at $291,000 after buying an additional 1,311 shares during the last quarter. Finally, Stephens Inc. AR raised its holdings in shares of Otis Worldwide by 20.8% during the first quarter. Stephens Inc. AR now owns 6,309 shares of the company's stock valued at $486,000 after buying an additional 1,087 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Up 4.0%

NYSE:OTIS opened at $75.06 on Friday. The business's 50-day moving average price is $72.11 and its 200 day moving average price is $80.58. The firm has a market cap of $28.80 billion, a P/E ratio of 19.96, a PEG ratio of 2.59 and a beta of 0.90. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $101.36.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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). 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 analyst estimates of $3.77 billion. During the same period in the previous year, the company posted $0.92 earnings per share. Otis Worldwide's revenue 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. Sell-side analysts expect that Otis Worldwide Corporation will post 4.16 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were paid a dividend of $0.44 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 46.81%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OTIS. Weiss Ratings lowered Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. Wells Fargo & Company cut their target price 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. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, April 8th. Barclays lowered their price target on Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a report on Thursday, April 23rd. Finally, UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $96.55.

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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