Squarepoint Ops LLC Cuts Position in Otis Worldwide Corporation $OTIS

Squarepoint Ops LLC lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 4.8% during the second quarter, HoldingsChannel.com reports. The fund owned 1,314,313 shares of the company’s stock after selling 66,731 shares during the quarter. Squarepoint Ops LLC’s holdings in Otis Worldwide were worth $94,105,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Pinnacle Financial Partners Inc. increased its stake in Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after buying an additional 12,721 shares during the period. Capital Research Global Investors lifted its stake in shares of Otis Worldwide by 0.6% in the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock worth $248,417,000 after acquiring an additional 18,189 shares in the last quarter. Banco Santander S.A. boosted its holdings in Otis Worldwide by 1,153.2% in the second quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock valued at $7,608,000 after purchasing an additional 97,778 shares during the last quarter. Lazard Freres Gestion S.A.S. grew its stake in Otis Worldwide by 21.9% during the 4th quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock valued at $114,355,000 after purchasing an additional 235,316 shares in the last quarter. Finally, Alberta Investment Management Corp increased its holdings in Otis Worldwide by 44.1% during the 4th quarter. Alberta Investment Management Corp now owns 170,600 shares of the company’s stock worth $14,902,000 after purchasing an additional 52,200 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on OTIS shares. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Sanford C. Bernstein decreased their price target on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Evercore reaffirmed an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $92.91.

Otis Worldwide Trading Down 1.5%

NYSE OTIS opened at $70.14 on Wednesday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $94.57. The stock has a market cap of $26.70 billion, a price-to-earnings ratio of 18.03, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88. The company has a 50-day moving average price of $72.31 and a two-hundred day moving average price of $75.96.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the previous year, the company posted $1.05 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s payout ratio is currently 45.24%.

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.