The Manufacturers Life Insurance Company Lowers Holdings in Otis Worldwide Corporation $OTIS

The Manufacturers Life Insurance Company lowered its position in Otis Worldwide Corporation (NYSE:OTIS) by 5.0% during the 2nd quarter, Holdings Channel reports. The firm owned 272,748 shares of the company’s stock after selling 14,257 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Otis Worldwide were worth $19,529,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OTIS. Smartleaf Asset Management LLC raised its position in Otis Worldwide by 5.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after purchasing an additional 123 shares in the last quarter. Moors & Cabot Inc. grew its position in shares of Otis Worldwide by 2.7% during the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock worth $414,000 after buying an additional 126 shares in the last quarter. Stephens Inc. AR grew its position in shares of Otis Worldwide by 2.6% during the 4th quarter. Stephens Inc. AR now owns 5,222 shares of the company’s stock worth $456,000 after buying an additional 132 shares in the last quarter. Brooklyn Investment Group increased its stake in shares of Otis Worldwide by 3.6% during the fourth quarter. Brooklyn Investment Group now owns 3,977 shares of the company’s stock valued at $350,000 after buying an additional 139 shares during the period. Finally, Ausdal Financial Partners Inc. increased its stake in shares of Otis Worldwide by 2.4% during the third quarter. Ausdal Financial Partners Inc. now owns 6,091 shares of the company’s stock valued at $557,000 after buying an additional 142 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 1.7%

OTIS opened at $69.07 on Friday. The firm has a market cap of $26.29 billion, a price-to-earnings ratio of 17.76, a PEG ratio of 2.43 and a beta of 0.88. Otis Worldwide Corporation has a 12 month low of $67.64 and a 12 month high of $94.57. The stock has a fifty day moving average price of $72.10 and a 200-day moving average price of $75.57.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 the consensus estimate of $3.76 billion. During the same quarter last year, the company earned $1.05 earnings per share. The firm’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. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 14th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 14th. Otis Worldwide’s dividend payout ratio is presently 45.24%.

Wall Street Analyst Weigh In

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

Otis Worldwide Profile

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.