Quantbot Technologies LP Acquires Shares of 121,483 Otis Worldwide Corporation $OTIS

Quantbot Technologies LP bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 121,483 shares of the company’s stock, valued at approximately $8,698,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Otis Worldwide in the 2nd quarter worth approximately $2,264,017,000. State Street Corp lifted its position in Otis Worldwide by 0.8% in the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after acquiring an additional 121,207 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $945,020,000 after purchasing an additional 29,636 shares during the last quarter. Norges Bank purchased a new stake in Otis Worldwide during the 4th quarter valued at $770,125,000. Finally, Franklin Resources Inc. increased its holdings 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 worth $685,012,000 after purchasing an additional 422,519 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE OTIS opened at $71.65 on Friday. The stock has a market capitalization of $27.28 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 2.52 and a beta of 0.89. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57. The business’s fifty day moving average price is $72.64 and its 200-day moving average price is $77.62.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

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

Otis Worldwide 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.