Renaissance Technologies LLC Grows Holdings in Otis Worldwide Corporation $OTIS

Renaissance Technologies LLC increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 30.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,691,200 shares of the company’s stock after purchasing an additional 394,600 shares during the period. Renaissance Technologies LLC owned 0.44% of Otis Worldwide worth $130,358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of OTIS. State Street Corp raised its holdings in shares of Otis Worldwide by 0.8% in the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after buying an additional 121,207 shares during the last quarter. Geode Capital Management LLC raised its stake in Otis Worldwide by 0.3% during 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 during the last quarter. Norges Bank acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $770,125,000. Franklin Resources Inc. grew its stake in shares of Otis Worldwide by 5.7% in the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after purchasing an additional 422,519 shares during the last quarter. Finally, PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 3.6% in the fourth quarter. PineStone Asset Management Inc. now owns 4,679,997 shares of the company’s stock valued at $408,798,000 after purchasing an additional 163,476 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Price Performance

OTIS opened at $71.94 on Friday. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $94.57. The stock has a market capitalization of $27.61 billion, a P/E ratio of 18.49, a P/E/G ratio of 2.64 and a beta of 0.90. The business has a 50 day simple moving average of $71.95 and a 200-day simple moving average of $79.97.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.Otis Worldwide’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts anticipate that Otis Worldwide Corporation will post 4 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. Otis Worldwide’s dividend payout ratio is 45.24%.

Key Headlines Impacting Otis Worldwide

Here are the key news stories impacting Otis Worldwide this week:

• Positive Sentiment: Otis’ service segment remains the main growth driver, with modernization up 24% and maintenance trends accelerating, while backlog and order momentum in the Americas support the longer-term outlook. Otis Worldwide: Don’t Expect Meaningful Upside Near-Term, But I Remain Bullish
• Positive Sentiment: Otis declared a quarterly dividend of $0.44 per share, reinforcing its cash-return profile for income-focused investors. Otis Declares Quarterly Dividend of $0.44 per Share
• Neutral Sentiment: The stock is trading below recent historical valuation levels after a sizable year-to-date decline, which may interest value investors but does not change the near-term operating challenges. Is Otis Stock Attractive After Guidance Cuts and Its 19% YTD Slide?
• Neutral Sentiment: Analysts continue to rate Otis as a “Hold,” reflecting a balanced view between steady service growth and weaker equipment demand. Otis Worldwide Corporation (NYSE:OTIS) Given Consensus Rating of “Hold” by Analysts
• Negative Sentiment: Recent earnings commentary points to contracting margins, weaker New Equipment demand, and continued drag from China, which is why investors are focusing on the guidance cut rather than the revenue beat. Otis Worldwide: Strong Service Growth Still Needs To Show Margin Expansion

Analysts Set New Price Targets

Several research firms have recently commented on OTIS. Wells Fargo & Company cut their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Sanford C. Bernstein cut their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday. Evercore restated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday. Finally, Barclays lowered their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $95.45.

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.