Otis Worldwide Corporation $OTIS Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Otis Worldwide stake by 14.3%, selling 441,135 shares and retaining 2.64 million shares worth approximately $203.5 million. Institutional investors and hedge funds collectively own 88.03% of the company.
• Otis reported quarterly earnings of $1.01 per share, in line with estimates, while revenue of $3.86 billion exceeded expectations and increased 7.3% year over year. The company maintained fiscal 2026 EPS guidance of $4.01–$4.05.
• Shares recently traded at $73.68, and Otis declared a quarterly dividend of $0.44, representing a 2.4% annualized yield. Analysts’ average rating is Hold, with an average price target of $94.09.

Bank of America Corp DE trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 14.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,639,555 shares of the company's stock after selling 441,135 shares during the period. Bank of America Corp DE owned about 0.69% of Otis Worldwide worth $203,457,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth $770,125,000. Millennium Management LLC boosted its position in shares of Otis Worldwide by 1,047.0% during the 4th quarter. Millennium Management LLC now owns 2,387,466 shares of the company's stock worth $208,545,000 after purchasing an additional 2,179,314 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Otis Worldwide by 97.9% during the 4th quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company's stock worth $349,626,000 after purchasing an additional 1,979,819 shares during the period. AQR Capital Management LLC grew its stake in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company's stock worth $236,891,000 after purchasing an additional 1,445,904 shares during the period. Finally, Scharf Investments LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter valued at about $73,200,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 2.1%

Shares of Otis Worldwide stock opened at $73.68 on Wednesday. The business's fifty day moving average price is $72.08 and its 200 day moving average price is $79.07. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The stock has a market capitalization of $28.05 billion, a P/E ratio of 18.94, a PEG ratio of 2.56 and a beta of 0.89.

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

Otis Worldwide Dividend Announcement

The firm also recently announced 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 of this dividend is Friday, August 14th. Otis Worldwide's dividend payout ratio (DPR) is currently 45.24%.

Analyst Upgrades and Downgrades

OTIS has been the subject of several recent analyst reports. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Barclays dropped their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating for the company in a report on Thursday, April 23rd. Weiss Ratings lowered Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Finally, Sanford C. Bernstein decreased their price target on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average target price of $94.09.

About Otis Worldwide

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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