Otis Worldwide Corporation $OTIS Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC reduced its Otis Worldwide stake by 4.8% in the second quarter, selling 66,731 shares and retaining 1.31 million shares valued at approximately $94.1 million. Institutional investors collectively own 88.03% of OTIS.
• Analysts have a mixed outlook, with a consensus rating of “Hold” and an average price target of $92.91; individual targets range from $75 to $95.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, and matched earnings expectations at $1.01 per share. The company also declared a quarterly dividend of $0.44 per share, representing a 2.5% annualized yield.

Squarepoint Ops LLC cut its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 4.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,314,313 shares of the company's stock after selling 66,731 shares during the period. Squarepoint Ops LLC owned 0.35% of Otis Worldwide worth $94,105,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of OTIS. California State Teachers Retirement System increased its position in shares of Otis Worldwide by 7,150.9% during the second quarter. California State Teachers Retirement System now owns 45,473,804 shares of the company's stock worth $3,255,924,000 after purchasing an additional 44,846,653 shares in the last quarter. BlackRock Inc. purchased a new position in Otis Worldwide during the 2nd quarter worth approximately $2,264,017,000. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth approximately $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Otis Worldwide in the second quarter valued at approximately $423,739,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Otis Worldwide in the second quarter valued at approximately $223,003,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on OTIS shares. Sanford C. Bernstein dropped their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Weiss Ratings reiterated a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Evercore reaffirmed an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Finally, Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $92.91.

Otis Worldwide Trading Down 1.5%

OTIS stock opened at $70.14 on Wednesday. The firm has a 50 day moving average of $72.31 and a 200-day moving average of $75.96. The company has a market cap of $26.70 billion, a price-to-earnings ratio of 18.03, a PEG ratio of 2.51 and a beta of 0.88. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting analysts' consensus estimates of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The firm's revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Sell-side analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide's dividend payout ratio (DPR) is 45.24%.

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.

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