Man Group plc Acquires Shares of 1,475,345 Otis Worldwide Corporation $OTIS

Man Group plc bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, Holdings Channel reports. The firm bought 1,475,345 shares of the company’s stock, valued at approximately $105,635,000.

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. Western Wealth Management LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $821,000. First Bancorp Inc ME bought a new position in shares of Otis Worldwide in the 2nd quarter worth $34,000. Jupiter Topco LLC bought a new position in shares of Otis Worldwide in the 2nd quarter worth $3,972,000. Hsbc Holdings PLC acquired a new stake in shares of Otis Worldwide during the second quarter worth $90,918,000. Finally, EFG International AG acquired a new stake in shares of Otis Worldwide during the second quarter worth $672,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.9%

Shares of OTIS stock opened at $71.56 on Wednesday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The firm has a fifty day moving average of $72.61 and a 200-day moving average of $77.32. The firm has a market capitalization of $27.24 billion, a price-to-earnings ratio of 18.40, a price-to-earnings-growth ratio of 2.54 and a beta of 0.89.

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 business had revenue of $3.86 billion for 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%.The firm’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide’s dividend payout ratio is 45.24%.

Analyst Ratings Changes

A number of research firms recently commented on OTIS. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Evercore restated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Sanford C. Bernstein lowered 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. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research report on Monday, August 10th. Four analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $92.91.

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.