Swedbank AB Purchases 18,400 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Swedbank AB increased its stake in Otis Worldwide by 7.4% in the first quarter, buying 18,400 additional shares and bringing its total holding to 266,602 shares worth about $20.55 million.
• Otis Worldwide reported mixed quarterly results, with earnings of $0.89 per share and revenue of $3.57 billion both coming in below analyst expectations, though revenue still rose 6.4% year over year.
• The company raised its quarterly dividend to $0.44 per share from $0.42, and analysts currently have a consensus Hold rating with an average price target of $97.58.

Swedbank AB lifted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 266,602 shares of the company's stock after purchasing an additional 18,400 shares during the quarter. Swedbank AB owned about 0.07% of Otis Worldwide worth $20,550,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in Otis Worldwide by 0.8% during the fourth quarter. State Street Corp now owns 16,128,197 shares of the company's stock worth $1,408,798,000 after buying an additional 121,207 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company's stock valued at $945,020,000 after acquiring an additional 29,636 shares in the last quarter. Norges Bank purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at about $770,125,000. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 5.7% during the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company's stock valued at $685,012,000 after acquiring an additional 422,519 shares during the last quarter. Finally, PineStone Asset Management Inc. boosted its position in shares of Otis Worldwide by 3.6% during the 4th quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company's stock valued at $408,798,000 after acquiring an additional 163,476 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $72.08 on Friday. The company has a market capitalization of $27.66 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 2.56 and a beta of 0.90. The business has a 50 day moving average of $72.48 and a 200 day moving average of $81.09. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 EPS for the quarter, missing analysts' consensus estimates of $0.91 by ($0.02). The business had revenue of $3.57 billion for the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm's revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.19 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors 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%. The ex-dividend date was Friday, May 15th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.42. Otis Worldwide's dividend payout ratio is 46.81%.

Analysts Set New Price Targets

Several research firms recently weighed in on OTIS. Evercore assumed coverage on shares of Otis Worldwide in a research report on Monday, April 13th. They issued an "outperform" rating and a $100.00 price objective on the stock. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, April 8th. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research note on Friday, April 24th. Wells Fargo & Company decreased 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 report on Wednesday, April 1st. Finally, UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research 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 given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $97.58.

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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