Sumitomo Mitsui Trust Group Inc. Sells 50,735 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Sumitomo Mitsui Trust Group cut its Otis Worldwide stake by 5.7% in the first quarter, selling 50,735 shares and leaving it with 832,132 shares valued at about $64.1 million.
• Otis Worldwide reported mixed quarterly results, with EPS of $0.89 missing estimates and revenue of $3.57 billion below expectations, though revenue still rose 6.4% year over year.
• The company increased its quarterly dividend to $0.44 per share from $0.42, lifting the annualized payout to $1.76 and the dividend yield to about 2.4%.

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 832,132 shares of the company's stock after selling 50,735 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Otis Worldwide worth $64,141,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp boosted its stake in Otis Worldwide by 3.4% in the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock valued at $949,000 after buying an additional 304 shares in the last quarter. Empowered Funds LLC raised its stake in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after acquiring an additional 857 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after acquiring an additional 1,574 shares during the last quarter. Baird Financial Group Inc. lifted its holdings in shares of Otis Worldwide by 7.1% in the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock worth $3,193,000 after acquiring an additional 2,132 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Otis Worldwide by 13.3% in the 2nd quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock valued at $1,012,000 after purchasing an additional 1,196 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $1.03 during mid-day trading on Friday, reaching $73.03. 2,736,062 shares of the company's stock were exchanged, compared to its average volume of 3,482,348. The firm has a market capitalization of $28.02 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 2.60 and a beta of 0.90. The business's fifty day moving average price is $72.41 and its 200-day moving average price is $81.03. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 business had revenue of $3.57 billion during the quarter, compared to the consensus estimate 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 prior year, the firm earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Analysts predict 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 is a boost from Otis Worldwide's previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. Otis Worldwide's dividend payout ratio is presently 46.81%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on OTIS. Evercore assumed coverage on shares of Otis Worldwide in a report on Monday, April 13th. They set an "outperform" rating and a $100.00 price target on the stock. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a research report on Friday, April 24th. Weiss Ratings downgraded shares of Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a report on Friday, May 15th. Finally, Barclays cut their price objective on Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating on the stock in a report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average 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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