5,918,140 Shares in Otis Worldwide Corporation $OTIS Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,918,140 shares of the company’s stock, valued at approximately $423,739,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 1.55% of Otis Worldwide at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. State Street Corp increased its holdings in Otis Worldwide by 0.8% in the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after purchasing an additional 121,207 shares during the period. Geode Capital Management LLC lifted its holdings in Otis Worldwide by 0.3% during the 4th 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 bought a new stake in shares of Otis Worldwide in the 4th quarter valued at about $770,125,000. Franklin Resources Inc. grew its position in shares of Otis Worldwide by 5.7% in the 4th 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. Finally, Van ECK Associates Corp increased its stake in shares of Otis Worldwide by 97.9% in the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock valued at $349,626,000 after buying an additional 1,979,819 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 2.9%

Otis Worldwide stock opened at $70.53 on Tuesday. The company has a market capitalization of $26.85 billion, a PE ratio of 18.13, a PEG ratio of 2.56 and a beta of 0.89. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The firm’s fifty day moving average is $72.56 and its 200 day moving average is $77.99.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting 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 business had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the company posted $1.05 earnings per share. The business’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. Sell-side analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced 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. The ex-dividend date is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OTIS. UBS Group set a $105.00 price objective on Otis Worldwide in a research report on Thursday, April 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Sanford C. Bernstein lowered 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. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research report on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $92.91.

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.