Otis Worldwide Corporation $OTIS Shares Sold by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd sharply cut its Otis Worldwide stake by 88.6% in the first quarter, selling 40,214 shares and leaving it with 5,160 shares worth about $398,000.
• Otis Worldwide shares were down 1.2% to $72.55, near the lower end of their 52-week range, with the stock trading at a market cap of $27.84 billion.
• The company recently raised its quarterly dividend to $0.44 per share, though its latest earnings missed estimates with EPS of $0.89 versus $0.91 expected and revenue of $3.57 billion versus $3.77 billion expected.

Y Intercept Hong Kong Ltd lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 88.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,160 shares of the company's stock after selling 40,214 shares during the period. Y Intercept Hong Kong Ltd's holdings in Otis Worldwide were worth $398,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of OTIS. CIBC Private Wealth Group LLC lifted its stake in Otis Worldwide by 54.0% in the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company's stock valued at $264,277,000 after buying an additional 1,013,876 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Otis Worldwide by 12,345.2% during the fourth quarter. SG Americas Securities LLC now owns 499,177 shares of the company's stock valued at $43,603,000 after acquiring an additional 495,166 shares during the period. Pinnacle Financial Partners Inc. grew its position in shares of Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company's stock worth $7,085,000 after acquiring an additional 12,721 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Otis Worldwide during the fourth quarter worth about $2,046,000. Finally, Pensionfund Sabic bought a new position in shares of Otis Worldwide during the fourth quarter worth about $1,136,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 1.2%

Shares of NYSE OTIS opened at $72.55 on Wednesday. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $101.42. The firm's 50-day simple moving average is $72.26 and its 200 day simple moving average is $80.78. The stock has a market cap of $27.84 billion, a P/E ratio of 19.29, a P/E/G ratio of 2.63 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The business's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.16 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were paid 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 dividend yield of 2.4%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.42. Otis Worldwide's dividend payout ratio (DPR) is currently 46.81%.

Analyst Ratings Changes

A number of analysts recently weighed in on OTIS shares. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a report on Wednesday, April 8th. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a research note on Friday, April 24th. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating for the company in a research report on Thursday, April 23rd. Wells Fargo & Company dropped their price target 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. Finally, Weiss Ratings cut Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $96.55.

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.

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.