31,620,354 Shares in Otis Worldwide Corporation $OTIS Bought by BlackRock Inc.

BlackRock Inc. acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 31,620,354 shares of the company's stock, valued at approximately $2,264,017,000. BlackRock Inc. owned about 8.31% of Otis Worldwide at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OTIS. Smartleaf Asset Management LLC raised its holdings in Otis Worldwide by 5.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company's stock valued at $202,000 after buying an additional 123 shares in the last quarter. Boyd Watterson Asset Management LLC OH boosted its position 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. boosted its position 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 grew its holdings in Otis Worldwide by 4.2% during the fourth 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 holdings in Otis Worldwide by 2.6% during the fourth quarter. Stephens Inc. AR now owns 5,222 shares of the company's stock valued at $456,000 after purchasing an additional 132 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTIS has been the subject of a number of analyst reports. Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Sanford C. Bernstein dropped their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Evercore reissued an "outperform" rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $92.91.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $72.15 on Thursday. The firm's 50-day moving average is $72.59 and its 200-day moving average is $77.76. The company has a market cap of $27.46 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 2.48 and a beta of 0.89. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released 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. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.76 billion. During the same quarter last year, the company 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. Equities analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide's dividend payout ratio (DPR) is 45.24%.

About Otis Worldwide

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.

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