Allianz Asset Management GmbH Has $44.05 Million Stake in Otis Worldwide Corporation $OTIS

Allianz Asset Management GmbH lifted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 11.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 615,209 shares of the company's stock after acquiring an additional 65,141 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.16% of Otis Worldwide worth $44,049,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Corient Private Wealth LP grew its stake in Otis Worldwide by 70.2% in the 2nd quarter. Corient Private Wealth LP now owns 258,430 shares of the company's stock valued at $18,504,000 after buying an additional 106,606 shares during the last quarter. Groupe la Francaise lifted its position in Otis Worldwide by 10.8% during the second quarter. Groupe la Francaise now owns 66,940 shares of the company's stock worth $4,792,000 after acquiring an additional 6,529 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Otis Worldwide during the second quarter worth approximately $14,080,000. First Eagle Investment Management LLC grew its position in shares of Otis Worldwide by 5.0% in the second quarter. First Eagle Investment Management LLC now owns 205,863 shares of the company's stock valued at $14,740,000 after purchasing an additional 9,830 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of Otis Worldwide by 7,150.9% during the second quarter. California State Teachers Retirement System now owns 45,473,804 shares of the company's stock worth $3,255,924,000 after purchasing an additional 44,846,653 shares during the period. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research note on Monday, August 10th. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein reduced their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating for the company in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research note on Tuesday, July 28th. Finally, Evercore reaffirmed an "outperform" rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Four research 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 data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $92.91.

Otis Worldwide Trading Down 0.0%

Shares of OTIS stock opened at $71.19 on Tuesday. The stock has a market cap of $27.10 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The stock has a 50 day simple moving average of $72.34 and a 200 day simple moving average of $76.12.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting analysts' consensus estimates of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the company earned $1.05 EPS. The company'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. Analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

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 dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide's dividend payout ratio is presently 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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