Mitsubishi UFJ Asset Management Co. Ltd. Invests $423.74 Million in Otis Worldwide Corporation $OTIS

Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, HoldingsChannel reports. The firm bought 5,918,140 shares of the company’s stock, valued at approximately $423,739,000.

Several other hedge funds have also bought and sold shares of the business. Camelot Portfolios LLC acquired a new position in Otis Worldwide during the fourth quarter worth $26,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $27,000. Elevation Wealth Partners LLC grew its holdings in shares of Otis Worldwide by 1,910.0% during the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after buying an additional 382 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at about $33,000. Finally, Reflection Asset Management bought a new stake in shares of Otis Worldwide during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. UBS Group set a $105.00 target price on shares of Otis Worldwide in a report on Thursday, April 23rd. Sanford C. Bernstein cut their price target on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Evercore reissued an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Finally, Barclays dropped their target price on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a report on Thursday, April 23rd. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Price Performance

NYSE OTIS opened at $70.53 on Tuesday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The firm has a market cap of $26.85 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 2.56 and a beta of 0.89. The company has a fifty day moving average price of $72.56 and a 200-day moving average price of $77.99.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results 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 net margin of 10.17% and a negative return on equity of 28.50%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the firm earned $1.05 earnings per share. The firm’s 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. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders 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 yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is 45.24%.

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.