Cloverfields Capital Group LP Has $8.08 Million Stake in Otis Worldwide Corporation $OTIS

Cloverfields Capital Group LP boosted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 92,529 shares of the company’s stock after purchasing an additional 9,699 shares during the period. Otis Worldwide comprises about 2.5% of Cloverfields Capital Group LP’s investment portfolio, making the stock its 6th biggest position. Cloverfields Capital Group LP’s holdings in Otis Worldwide were worth $8,082,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $770,125,000. Van ECK Associates Corp boosted its holdings in Otis Worldwide by 3,464.3% during the third quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock worth $184,942,000 after purchasing an additional 1,966,019 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Otis Worldwide by 125.7% during the third 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. Squarepoint Ops LLC raised its position in Otis Worldwide by 199.6% during the third quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company’s stock worth $185,612,000 after acquiring an additional 1,352,530 shares in the last quarter. Finally, Independent Franchise Partners LLP bought a new position in shares of Otis Worldwide in the third quarter valued at about $100,435,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OTIS. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research note on Thursday, April 23rd. Evercore assumed coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 price target on the stock. Sanford C. Bernstein assumed coverage on shares of Otis Worldwide in a research note on Tuesday. They issued an “outperform” rating and a $97.00 price target on the stock. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Finally, Barclays cut their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.58.

Otis Worldwide Trading Up 0.9%

Otis Worldwide stock opened at $70.77 on Friday. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $101.42. The stock’s 50 day moving average is $75.04 and its 200-day moving average is $83.13. The company has a market capitalization of $27.16 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 2.29 and a beta of 0.91.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results 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 firm 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%. Otis Worldwide’s 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. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 15th were issued a $0.44 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, May 15th. Otis Worldwide’s dividend payout ratio is 46.81%.

Otis Worldwide 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.