Otis Worldwide Corporation $OTIS Shares Sold by Equitable Trust Co.

Key Points

• Equitable Trust Co. reduced its stake by 23.5%, selling 33,020 shares and leaving 107,288 shares worth roughly $9.37M; corporate insiders also sold heavily this quarter (105,233 shares worth ~$9.63M), leaving insiders with about 0.14% ownership.
• Otis missed quarterly expectations, reporting $0.89 EPS versus $0.91 expected and $3.57B in revenue versus $3.77B expected, though revenue grew 6.4% year-over-year; the company set FY2026 EPS guidance of 4.200–4.240.
• Otis raised its quarterly dividend to $0.44 (annualized $1.76, ~2.3% yield), while analysts hold a consensus rating of Hold with an average target price of $97.64.

Equitable Trust Co. reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 23.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,288 shares of the company's stock after selling 33,020 shares during the quarter. Equitable Trust Co.'s holdings in Otis Worldwide were worth $9,372,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Swedbank AB raised its stake in Otis Worldwide by 0.5% during the 4th quarter. Swedbank AB now owns 248,202 shares of the company's stock worth $21,680,000 after acquiring an additional 1,249 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Otis Worldwide by 1.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,484 shares of the company's stock valued at $4,497,000 after purchasing an additional 755 shares during the period. Principal Financial Group Inc. increased its stake in Otis Worldwide by 1.2% in the fourth quarter. Principal Financial Group Inc. now owns 437,199 shares of the company's stock valued at $38,189,000 after purchasing an additional 5,326 shares during the period. QRG Capital Management Inc. increased its stake in Otis Worldwide by 14.8% in the fourth quarter. QRG Capital Management Inc. now owns 24,553 shares of the company's stock valued at $2,145,000 after purchasing an additional 3,157 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC increased its stake in Otis Worldwide by 44.4% in the fourth quarter. Pinnacle Wealth Management Advisory Group LLC now owns 5,119 shares of the company's stock valued at $447,000 after purchasing an additional 1,574 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OTIS has been the topic of a number of recent research reports. Barclays dropped their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a research note on Thursday, April 23rd. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, April 8th. Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research note on Friday, April 24th. Finally, Wells Fargo & Company dropped their price objective on shares of 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. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average target price of $97.64.

Otis Worldwide Stock Down 0.3%

Shares of NYSE:OTIS opened at $75.62 on Wednesday. The company has a market cap of $29.02 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 2.49 and a beta of 0.95. The firm's 50-day simple moving average is $81.99 and its 200-day simple moving average is $86.77. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.02). The firm had revenue of $3.57 billion during the quarter, compared to analysts' expectations of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm's revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, research analysts forecast that Otis Worldwide Corporation will post 4.18 EPS for the current year.

Otis Worldwide Increases Dividend

The company 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 a positive change from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide's payout ratio is presently 44.68%.

Insider Activity

In other news, CEO Judith Fran Marks sold 56,107 shares of Otis Worldwide stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares of the company's stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 105,233 shares of company stock valued at $9,628,850 over the last quarter. Corporate insiders own 0.14% of the company's stock.

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.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.