Otis Worldwide Corporation $OTIS Shares Sold by R Squared Ltd

Key Points

• R Squared Ltd slashed its Otis Worldwide stake by 85% in the first quarter, selling 14,841 shares and leaving it with 2,623 shares valued at about $202,000.
• Otis reported mixed quarterly results, with earnings of $0.89 per share and revenue of $3.57 billion, both below analyst expectations, though revenue still grew 6.4% year over year.
• The company raised its dividend to $0.44 per share quarterly, or $1.76 annually, for a yield of 2.4%, while analysts currently have a consensus rating of Hold with an average price target of $97.58.

R Squared Ltd decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 85.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,623 shares of the company's stock after selling 14,841 shares during the quarter. R Squared Ltd's holdings in Otis Worldwide were worth $202,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Camelot Portfolios LLC acquired a new position in Otis Worldwide during the fourth quarter worth approximately $26,000. Stance Capital LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $27,000. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $27,000. Elevation Wealth Partners LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $33,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $72.06 on Thursday. The company has a market cap of $27.65 billion, a P/E ratio of 19.17, a PEG ratio of 2.61 and a beta of 0.90. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.42. The firm has a fifty day moving average of $72.59 and a two-hundred day moving average of $81.19.

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. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.19 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were issued a $0.44 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.42. Otis Worldwide's dividend payout ratio is presently 46.81%.

Analyst Ratings Changes

A number of brokerages have recently commented on OTIS. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Wednesday, April 8th. 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. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a report on Friday, April 24th. Evercore assumed coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They set an "outperform" rating and a $100.00 target price for the company. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $97.58.

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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