Otis Worldwide Corporation $OTIS Shares Acquired by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 172.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,100 shares of the company’s stock after acquiring an additional 62,100 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Otis Worldwide were worth $8,569,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC increased its position in Otis Worldwide by 54.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock valued at $264,277,000 after acquiring an additional 1,013,876 shares during the period. SG Americas Securities LLC increased its position in Otis Worldwide by 12,345.2% in the 4th quarter. SG Americas Securities LLC now owns 499,177 shares of the company’s stock valued at $43,603,000 after acquiring an additional 495,166 shares during the period. Pinnacle Financial Partners Inc. increased its position in Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after acquiring an additional 12,721 shares during the period. Caprock Group LLC acquired a new stake in Otis Worldwide in the 3rd quarter valued at approximately $982,000. Finally, Canoe Financial LP increased its position in Otis Worldwide by 15.6% in the 4th quarter. Canoe Financial LP now owns 2,787,870 shares of the company’s stock valued at $243,520,000 after acquiring an additional 375,914 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 0.8%

Shares of Otis Worldwide stock opened at $70.23 on Friday. The stock has a market cap of $26.95 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 2.27 and a beta of 0.91. The business has a fifty day simple moving average of $75.18 and a 200-day simple moving average of $83.22. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $101.42.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 22nd. The company reported $0.89 EPS 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 analyst estimates 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 quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Analysts expect that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed 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 of this dividend is Friday, May 15th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s payout ratio is 46.81%.

Analyst Upgrades and Downgrades

OTIS has been the topic of several analyst reports. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. UBS Group set a $105.00 target price on Otis Worldwide in a research report on Thursday, April 23rd. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research note on Friday, April 24th. Sanford C. Bernstein initiated coverage on Otis Worldwide in a research note on Tuesday. They set an “outperform” rating and a $97.00 price target for the company. Finally, Barclays reduced their price objective on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research note on Thursday, April 23rd. 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. Based on data from MarketBeat.com, Otis Worldwide presently has an average 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.