2,055,440 Shares in Otis Worldwide Corporation $OTIS Acquired by Primecap Management Co. CA

Primecap Management Co. CA purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,055,440 shares of the company’s stock, valued at approximately $147,170,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in shares of Otis Worldwide by 5.7% in the fourth 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 during the period. Boyd Watterson Asset Management LLC OH raised its stake in Otis Worldwide by 4.0% during the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock worth $281,000 after purchasing an additional 124 shares during the period. Moors & Cabot Inc. raised its stake in Otis Worldwide by 2.7% during the fourth quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock worth $414,000 after purchasing an additional 126 shares during the period. Composition Wealth LLC boosted its holdings in Otis Worldwide by 4.2% in the 4th quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock valued at $285,000 after purchasing an additional 131 shares during the last quarter. Finally, Stephens Inc. AR grew its stake in shares of Otis Worldwide by 2.6% in the 4th quarter. Stephens Inc. AR now owns 5,222 shares of the company’s stock valued at $456,000 after buying an additional 132 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $71.56 on Wednesday. The firm’s 50 day moving average price is $72.61 and its 200-day moving average price is $77.32. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The firm has a market cap of $27.24 billion, a P/E ratio of 18.40, a P/E/G ratio of 2.54 and a beta of 0.89.

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

Otis Worldwide Announces Dividend

The company also recently disclosed 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 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 presently 45.24%.

Wall Street Analyst Weigh In

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