JPMorgan Chase & Co. Has $527.07 Million Stake in Otis Worldwide Corporation $OTIS

JPMorgan Chase & Co. trimmed its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 19.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,033,991 shares of the company’s stock after selling 1,487,120 shares during the period. JPMorgan Chase & Co. owned 1.55% of Otis Worldwide worth $527,069,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. CIBC Private Wealth Group LLC boosted its position in shares of Otis Worldwide by 54.0% during the third quarter. CIBC Private Wealth Group LLC now owns 2,890,482 shares of the company’s stock worth $264,277,000 after purchasing an additional 1,013,876 shares in the last quarter. SG Americas Securities LLC increased its position in shares of 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 buying an additional 495,166 shares in the last quarter. Pinnacle Financial Partners Inc. increased its position in shares of 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 buying an additional 12,721 shares in the last quarter. Caprock Group LLC acquired a new stake in Otis Worldwide during the 3rd quarter worth $982,000. Finally, Canoe Financial LP raised its stake in Otis Worldwide by 15.6% during the 4th quarter. Canoe Financial LP now owns 2,787,870 shares of the company’s stock worth $243,520,000 after buying an additional 375,914 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 2.2%

OTIS stock opened at $69.69 on Thursday. The stock has a 50-day moving average price of $75.31 and a two-hundred day moving average price of $83.34. The stock has a market cap of $26.74 billion, a PE ratio of 18.53, a price-to-earnings-growth ratio of 2.32 and a beta of 0.91. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $101.42.

Otis Worldwide (NYSE:OTIS) 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 firm had revenue of $3.57 billion during 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 business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.2 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 15th will be given a dividend of $0.44 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s payout ratio is currently 46.81%.

Analysts Set New Price Targets

A number of research firms have issued reports on OTIS. Barclays decreased their target price 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. Morgan Stanley set a $88.00 price target on Otis Worldwide in a research report on Friday, April 24th. UBS Group set a $105.00 price objective on Otis Worldwide in a research report on Thursday, April 23rd. Sanford C. Bernstein assumed coverage on Otis Worldwide in a research note on Tuesday. They set an “outperform” rating and a $97.00 target price for the company. Finally, Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Wednesday, April 8th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target 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.