Legal & General Group Plc Makes New Investment in Otis Worldwide Corporation $OTIS

Legal & General Group Plc purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,479,254 shares of the company’s stock, valued at approximately $177,515,000. Legal & General Group Plc owned about 0.65% of Otis Worldwide at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Camelot Portfolios LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth $26,000. Garton & Associates Financial Advisors LLC bought a new position in Otis Worldwide in the fourth quarter valued at $27,000. Kohmann Bosshard Financial Services LLC bought a new position in Otis Worldwide in the fourth quarter valued at $33,000. Reflection Asset Management purchased a new stake in Otis Worldwide during the fourth quarter valued at about $34,000. Finally, MidFirst Bank purchased a new stake in Otis Worldwide during the fourth quarter valued at about $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 1.3%

OTIS opened at $72.42 on Thursday. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $94.57. The business’s 50-day moving average price is $72.60 and its 200-day moving average price is $77.19. The company has a market cap of $27.57 billion, a P/E ratio of 18.62, a P/E/G ratio of 2.52 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last issued 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 company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations 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 prior year, the business posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share 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 given a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. Otis Worldwide’s payout ratio is presently 45.24%.

Analyst Upgrades and Downgrades

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