Bleakley Financial Group LLC Makes New Investment in Otis Worldwide Corporation $OTIS

Bleakley Financial Group LLC purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 11,081 shares of the company’s stock, valued at approximately $968,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Franklin Resources Inc. boosted its holdings in Otis Worldwide by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock worth $678,377,000 after acquiring an additional 322,255 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Otis Worldwide by 3.1% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock valued at $436,866,000 after purchasing an additional 145,817 shares during the period. PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 3.6% during 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. Wellington Management Group LLP increased its holdings in shares of Otis Worldwide by 15.3% during the third quarter. Wellington Management Group LLP now owns 3,529,185 shares of the company’s stock valued at $322,673,000 after purchasing an additional 468,184 shares during the period. Finally, Marshall Wace LLP raised its position in Otis Worldwide by 7.9% in the third quarter. Marshall Wace LLP now owns 3,068,281 shares of the company’s stock worth $280,533,000 after acquiring an additional 223,757 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $70.92 on Friday. The firm has a market cap of $27.21 billion, a P/E ratio of 18.86, a P/E/G ratio of 2.32 and a beta of 0.95. The business’s fifty day moving average is $76.61 and its two-hundred day moving average is $84.44. Otis Worldwide Corporation has a 52 week low of $69.72 and a 52 week high of $101.42.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.02). Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same period last year, the company earned $0.92 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, equities research analysts predict that Otis Worldwide Corporation will post 4.2 earnings per share for the current year.

Otis Worldwide Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be paid a $0.44 dividend. 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%. The ex-dividend date is Friday, May 15th. Otis Worldwide’s dividend payout ratio is 46.81%.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley set a $88.00 price target on shares of Otis Worldwide in a research report on Friday, April 24th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Evercore started coverage on Otis Worldwide in a research note on Monday, April 13th. They set an “outperform” rating and a $100.00 target price on the stock. New Street Research set a $98.00 price target on Otis Worldwide in a report on Friday, January 30th. Finally, Royal Bank Of Canada reduced their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a report on Thursday, April 23rd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $97.64.

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.