Strs Ohio Increases Holdings in Otis Worldwide Corporation $OTIS

Strs Ohio boosted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 249.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,047 shares of the company's stock after buying an additional 23,598 shares during the period. Strs Ohio's holdings in Otis Worldwide were worth $2,887,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $26,000. Camelot Portfolios LLC purchased a new position in Otis Worldwide during the fourth quarter valued at approximately $26,000. Stance Capital LLC purchased a new position in Otis Worldwide during the third quarter valued at approximately $27,000. Rakuten Investment Management Inc. acquired a new position in Otis Worldwide in the third quarter valued at approximately $31,000. Finally, Oakworth Capital Inc. boosted its position in Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company's stock worth $31,000 after purchasing an additional 113 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 target price for the company. in a report on Friday, January 30th. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research report on Friday, April 24th. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a report on Thursday, April 23rd. Royal Bank Of Canada decreased their price objective 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. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Otis Worldwide in a research note on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $97.64.

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares of the company's stock, valued at approximately $315,570.24. This represents a 25.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 56,107 shares of the firm's stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. The trade was a 19.54% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 105,233 shares of company stock valued at $9,628,850. 0.14% of the stock is owned by insiders.

Otis Worldwide Stock Down 0.3%

OTIS opened at $75.62 on Wednesday. The company has a market cap of $29.02 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 2.49 and a beta of 0.95. Otis Worldwide Corporation has a twelve month low of $75.27 and a twelve month high of $101.42. The company has a 50-day moving average price of $81.99 and a 200 day moving average price of $86.77.

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 (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the previous year, the firm posted $0.92 earnings per share. The company'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. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.18 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 15th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, May 15th. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.3%. Otis Worldwide's dividend payout ratio (DPR) is presently 44.68%.

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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