Rockefeller Capital Management L.P. Sells 9,229 Shares of Otis Worldwide Corporation $OTIS

Rockefeller Capital Management L.P. lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 5.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 152,117 shares of the company’s stock after selling 9,229 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Otis Worldwide were worth $13,287,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased its holdings in Otis Worldwide by 0.8% during 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 period. Geode Capital Management LLC lifted its holdings in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after buying an additional 29,636 shares during the period. Norges Bank purchased a new stake in Otis Worldwide during the fourth quarter worth $770,125,000. Franklin Resources Inc. boosted its position in Otis Worldwide by 5.7% during the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after acquiring an additional 422,519 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Otis Worldwide by 3.1% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,778,152 shares of the company’s stock valued at $436,866,000 after acquiring an additional 145,817 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OTIS. Sanford C. Bernstein started coverage on Otis Worldwide in a research report on Tuesday, June 9th. They issued an “outperform” rating and a $97.00 price target for the company. UBS Group set a $105.00 price objective on Otis Worldwide in a research report on Thursday, April 23rd. Royal Bank Of Canada cut their target price on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a research note on Thursday, April 23rd. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a report on Friday, April 24th. Finally, Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $97.58.

Otis Worldwide Stock Performance

Shares of OTIS opened at $72.71 on Thursday. The stock has a 50-day moving average of $73.99 and a two-hundred day moving average of $82.24. The stock has a market cap of $27.90 billion, a P/E ratio of 19.34, a P/E/G ratio of 2.34 and a beta of 0.91. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.42.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.77 billion. During the same period in the prior year, the company posted $0.92 earnings per share. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. Analysts predict that Otis Worldwide Corporation will post 4.2 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 15th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. Otis Worldwide’s payout ratio is 46.81%.

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.