Strs Ohio Has $719,000 Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Strs Ohio cut its Otis Worldwide stake by 71.8% in the first quarter, selling 23,714 shares and leaving it with 9,333 shares valued at about $719,000.
• Otis Worldwide reported mixed quarterly results: EPS of $0.89 missed estimates by $0.02, and revenue of $3.57 billion also came in below expectations, though revenue still rose 6.4% year over year.
• The company raised its dividend to $0.44 per quarter, or $1.76 annually, for a yield of about 2.4%, while analysts currently rate the stock a Hold with a consensus target price of $97.58.

Strs Ohio reduced its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 71.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,333 shares of the company's stock after selling 23,714 shares during the period. Strs Ohio's holdings in Otis Worldwide were worth $719,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of OTIS. Norges Bank bought a new stake in Otis Worldwide during the fourth quarter valued at about $770,125,000. Millennium Management LLC increased its stake in shares of Otis Worldwide by 1,047.0% in the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company's stock worth $208,545,000 after purchasing an additional 2,179,314 shares during the period. Van ECK Associates Corp increased its stake in shares of Otis Worldwide by 97.9% in the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company's stock worth $349,626,000 after purchasing an additional 1,979,819 shares during the period. AQR Capital Management LLC lifted its position in shares of Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company's stock worth $236,891,000 after purchasing an additional 1,445,904 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its position in shares of Otis Worldwide by 199.6% during the 3rd quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company's stock worth $185,612,000 after purchasing an additional 1,352,530 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS opened at $72.06 on Thursday. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $101.42. The firm's fifty day moving average price is $72.59 and its two-hundred day moving average price is $81.19. The company has a market capitalization of $27.65 billion, a P/E ratio of 19.17, a P/E/G ratio of 2.61 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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 net margin of 10.11% and a negative return on equity of 29.39%. The business had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the prior year, the company posted $0.92 EPS. The company's quarterly revenue was up 6.4% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, equities research analysts expect that Otis Worldwide Corporation will post 4.19 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. Otis Worldwide's dividend payout ratio (DPR) is currently 46.81%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OTIS. Barclays lowered their target price on Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a report on Thursday, April 23rd. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, April 8th. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating on the stock in a research note on Thursday, April 23rd. UBS Group set a $105.00 target price on shares of Otis Worldwide in a research report on Thursday, April 23rd. Finally, Weiss Ratings cut shares of Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $97.58.

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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