Wealthfront Advisers LLC Sells 12,942 Shares of Otis Worldwide Corporation $OTIS

Wealthfront Advisers LLC lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 37.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 21,913 shares of the company’s stock after selling 12,942 shares during the period. Wealthfront Advisers LLC’s holdings in Otis Worldwide were worth $1,689,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in OTIS. Camelot Portfolios LLC acquired a new stake in Otis Worldwide during the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $27,000. Elevation Wealth Partners LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth approximately $32,000. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at $33,000. Finally, Reflection Asset Management acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $34,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $73.55 on Tuesday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $101.14. The stock has a 50 day moving average price of $72.08 and a two-hundred day moving average price of $80.38. The stock has a market capitalization of $28.22 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 2.64 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last issued its earnings results 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 negative return on equity of 29.39% and a net margin of 10.11%.The firm had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same period in the previous year, the company earned $0.92 earnings per share. Otis Worldwide’s revenue for the quarter 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. Research analysts forecast that Otis Worldwide Corporation will post 4.16 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. UBS Group set a $105.00 target price on shares of Otis Worldwide in a research note on Thursday, April 23rd. Barclays cut their price target 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. Royal Bank Of Canada lowered their price objective on Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating for the company in a research report on Thursday, April 23rd. Evercore assumed coverage on Otis Worldwide in a research note on Monday, April 13th. They issued an “outperform” rating and a $100.00 price objective on the stock. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $96.55.

About Otis Worldwide

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.