VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in Otis Worldwide Corporation $OTIS

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 196,650 shares of the company’s stock, valued at approximately $14,080,000.

A number of other large investors also recently added to or reduced their stakes in OTIS. Orion Capital Management LLC purchased a new position in shares of Otis Worldwide during the second quarter worth $27,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at $27,000. MidFirst Bank acquired a new position in Otis Worldwide during the 2nd quarter worth about $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Otis Worldwide during the 2nd quarter worth about $28,000. Finally, Elevation Wealth Partners LLC lifted its stake in Otis Worldwide by 1,910.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after acquiring an additional 382 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Sanford C. Bernstein dropped their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research report on Monday, August 10th. Evercore reissued an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.91.

Otis Worldwide Trading Down 0.0%

NYSE:OTIS opened at $71.19 on Tuesday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The firm has a market cap of $27.10 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88. The stock has a fifty day moving average price of $72.34 and a 200 day moving average price of $76.12.

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

Otis Worldwide Announces Dividend

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 given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s payout ratio is currently 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.