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

The Manufacturers Life Insurance Company reduced its position in Otis Worldwide Corporation (NYSE:OTIS) by 6.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 287,005 shares of the company’s stock after selling 18,612 shares during the period. The Manufacturers Life Insurance Company’s holdings in Otis Worldwide were worth $22,122,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Quantinno Capital Management LP grew its stake in Otis Worldwide by 73.4% during the 1st quarter. Quantinno Capital Management LP now owns 248,110 shares of the company’s stock valued at $19,124,000 after purchasing an additional 104,990 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Otis Worldwide during the first quarter worth approximately $2,443,000. Gateway Wealth Partners LLC bought a new stake in shares of Otis Worldwide in the first quarter worth $397,000. Quadcap Wealth Management LLC raised its holdings in Otis Worldwide by 25.6% in the first quarter. Quadcap Wealth Management LLC now owns 3,030 shares of the company’s stock valued at $234,000 after acquiring an additional 618 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its stake in Otis Worldwide by 160.9% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 38,201 shares of the company’s stock valued at $2,945,000 after acquiring an additional 23,557 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.4%

Shares of NYSE:OTIS opened at $71.98 on Friday. The company has a market cap of $27.40 billion, a PE ratio of 18.50, a P/E/G ratio of 2.55 and a beta of 0.90. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57. The firm has a 50-day simple moving average of $72.08 and a 200 day simple moving average of $79.38.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. The company had revenue of $3.86 billion during 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 quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, research analysts forecast that Otis Worldwide Corporation will post 4 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. Otis Worldwide’s payout ratio is currently 45.24%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OTIS. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday. Morgan Stanley set a $88.00 price objective on Otis Worldwide in a research note on Friday, April 24th. 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 report on Thursday, July 23rd. Evercore reiterated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Weiss Ratings downgraded Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.09.

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.