Algert Global LLC Acquires 58,512 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Algert Global significantly increased its Otis Worldwide stake by 231.5% in the second quarter, buying 58,512 additional shares and bringing its holdings to 83,789 shares valued at approximately $6 million. Institutional investors collectively own 88.03% of the company.
• Analysts maintain a generally cautious outlook, with Otis receiving a consensus “Hold” rating and an average price target of $92.91, despite several “Buy” and “Outperform” ratings.
• Otis reported quarterly revenue of $3.86 billion, exceeding expectations, while earnings per share matched estimates at $1.01. The company also declared a quarterly dividend of $0.44 per share, representing a 2.4% annualized yield.

Algert Global LLC boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 231.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 83,789 shares of the company's stock after buying an additional 58,512 shares during the period. Algert Global LLC's holdings in Otis Worldwide were worth $5,999,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its position in Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock worth $949,000 after buying an additional 304 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after purchasing an additional 857 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after buying an additional 1,574 shares during the last quarter. Baird Financial Group Inc. increased its holdings in Otis Worldwide by 7.1% during the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock worth $3,193,000 after buying an additional 2,132 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Otis Worldwide by 13.3% during the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock worth $1,012,000 after acquiring an additional 1,196 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

OTIS has been the topic of a number of research analyst reports. Sanford C. Bernstein dropped their price target on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. 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 report on Tuesday, July 28th. Finally, Evercore reaffirmed an "outperform" rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $92.91.

Otis Worldwide Stock Up 1.3%

Shares of NYSE:OTIS opened at $72.42 on Thursday. The stock's 50 day moving average is $72.60 and its 200-day moving average is $77.19. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The firm has a market capitalization of $27.57 billion, a price-to-earnings ratio of 18.62, a PEG ratio of 2.52 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly 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 business had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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