Squarepoint Ops LLC Boosts Stake in Otis Worldwide Corporation $OTIS

Key Points

• Squarepoint Ops LLC increased its Otis Worldwide stake by 6.0% in the fourth quarter, ending with 2,152,096 shares valued at about $188 million. The filing shows continued institutional interest in OTIS, with hedge funds owning 88.03% of the company.
• Wall Street sentiment remains cautious overall, despite several bullish calls. The stock’s consensus rating is currently “Hold,” with an average target price of $97.58 after mixed analyst updates.
• Otis recently raised its quarterly dividend to $0.44 per share, or $1.76 annually, for a yield of about 2.5%. The company also reported Q1 results that missed EPS and revenue estimates, even though revenue still rose 6.4% year over year.

Squarepoint Ops LLC grew its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,152,096 shares of the company's stock after buying an additional 122,001 shares during the period. Squarepoint Ops LLC owned 0.55% of Otis Worldwide worth $187,986,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in OTIS. CIBC Private Wealth Group LLC increased its stake in shares of 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 worth $264,277,000 after acquiring an additional 1,013,876 shares during the period. SG Americas Securities LLC increased its stake in shares of Otis Worldwide by 12,345.2% in the fourth quarter. SG Americas Securities LLC now owns 499,177 shares of the company's stock worth $43,603,000 after acquiring an additional 495,166 shares during the period. Pinnacle Financial Partners Inc. increased its stake in shares of Otis Worldwide by 19.6% in 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 period. Caprock Group LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth $982,000. Finally, Canoe Financial LP increased its stake in shares of Otis Worldwide by 15.6% in the fourth quarter. Canoe Financial LP now owns 2,787,870 shares of the company's stock worth $243,520,000 after acquiring an additional 375,914 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on OTIS shares. Wells Fargo & Company cut 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. Weiss Ratings lowered shares of Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. Evercore started coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They issued an "outperform" rating and a $100.00 price objective on the stock. Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research note on Friday, April 24th. Finally, Sanford C. Bernstein started coverage on shares of Otis Worldwide in a research note on Tuesday, June 9th. They issued an "outperform" rating and a $97.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $97.58.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $70.77 on Monday. The company's fifty day moving average price is $75.04 and its 200 day moving average price is $83.10. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $101.42. The company has a market capitalization of $27.16 billion, a PE ratio of 18.82, a price-to-earnings-growth ratio of 2.31 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.02). Otis Worldwide had a negative return on equity of 29.39% and a net margin of 10.11%.The firm had revenue of $3.57 billion for the quarter, compared to analysts' expectations of $3.77 billion. During the same period last year, the company posted $0.92 earnings per share. The business's quarterly revenue was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, equities analysts expect that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Friday, May 15th. Otis Worldwide's payout ratio is currently 46.81%.

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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