Bank of America Corp DE Invests $189.23 Million in Otis Worldwide Corporation $OTIS

Key Points

• Bank of America acquired 2.64 million Otis Worldwide shares worth approximately $189.2 million, representing about 0.69% of the company.
• Institutional ownership remains high at 88.03%, with BlackRock, Norges Bank, Franklin Resources and Mitsubishi UFJ among other major investors recently adding positions.
• Otis shares opened at $68.64, near their 12-month low, while analysts maintain a consensus “Hold” rating with an average price target of $92.91; the company also pays a quarterly dividend of $0.44 per share.

Bank of America Corp DE bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,642,922 shares of the company's stock, valued at approximately $189,233,000. Bank of America Corp DE owned about 0.69% of Otis Worldwide as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Otis Worldwide in the 2nd quarter worth about $2,264,017,000. Geode Capital Management LLC lifted its stake in Otis Worldwide by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company's stock worth $945,020,000 after purchasing an additional 29,636 shares during the last quarter. Norges Bank bought a new stake in Otis Worldwide in the fourth quarter worth about $770,125,000. Franklin Resources Inc. boosted its position in shares of Otis Worldwide by 5.7% during the fourth quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company's stock valued at $685,012,000 after buying an additional 422,519 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $423,739,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on OTIS shares. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein cut their price objective on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, July 23rd. Evercore reiterated an "outperform" rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Four equities 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 MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $92.91.

Otis Worldwide Trading Down 0.9%

Shares of OTIS stock opened at $68.64 on Friday. Otis Worldwide Corporation has a twelve month low of $67.64 and a twelve month high of $94.57. The stock has a market capitalization of $26.13 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 2.44 and a beta of 0.88. The stock has a fifty day simple moving average of $71.81 and a two-hundred day simple moving average of $74.86.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The business's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 14th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 14th. Otis Worldwide's payout ratio is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation NYSE: OTIS designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company's offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.

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