Quantitative Investment Management LLC Takes $906,000 Position in Otis Worldwide Corporation $OTIS

Quantitative Investment Management LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, Holdings Channel reports. The firm bought 12,662 shares of the company’s stock, valued at approximately $906,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Otis Worldwide during the 2nd quarter valued at approximately $2,264,017,000. State Street Corp lifted its stake in shares of Otis Worldwide by 0.8% during the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock worth $1,408,798,000 after buying an additional 121,207 shares during the period. Geode Capital Management LLC lifted its stake in shares of 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 shares of Otis Worldwide during the fourth quarter valued at $770,125,000. Finally, Franklin Resources Inc. grew its holdings in shares of Otis Worldwide by 5.7% during the fourth quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after buying an additional 422,519 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Otis Worldwide Price Performance

NYSE:OTIS opened at $70.59 on Wednesday. The company’s fifty day moving average price is $72.49 and its 200-day moving average price is $76.67. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57. The firm has a market capitalization of $26.87 billion, a P/E ratio of 18.15, a PEG ratio of 2.50 and a beta of 0.88.

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

Otis Worldwide Dividend Announcement

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

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.