Bank of New York Mellon Corp Increases Stock Holdings in Otis Worldwide Corporation $OTIS

Bank of New York Mellon Corp raised its position in Otis Worldwide Corporation (NYSE:OTIS) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,848,482 shares of the company’s stock after acquiring an additional 110,984 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of Otis Worldwide worth $219,561,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Camelot Portfolios LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at about $27,000. Elevation Wealth Partners LLC purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $32,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth about $33,000. Finally, Reflection Asset Management purchased a new stake in shares of Otis Worldwide during the fourth quarter worth approximately $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent research reports. 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 note on Wednesday, April 1st. Sanford C. Bernstein initiated coverage on shares of Otis Worldwide in a report on Tuesday, June 9th. They issued an “outperform” rating and a $97.00 price objective on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, April 8th. Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research report on Friday, April 24th. Finally, Evercore assumed coverage on Otis Worldwide in a report on Monday, April 13th. They issued an “outperform” rating and a $100.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average target price of $96.55.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $73.50 on Friday. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $101.14. The stock has a market capitalization of $28.20 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 2.64 and a beta of 0.90. The company has a 50-day simple moving average of $72.09 and a 200-day simple moving average of $80.53.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) 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 company had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same period in the prior year, the business earned $0.92 EPS. The business’s quarterly 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. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.16 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

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.