Bank of Nova Scotia Makes New Investment in Otis Worldwide Corporation $OTIS

Key Points

• Bank of Nova Scotia acquired 40,653 shares of Otis Worldwide in the second quarter, valued at approximately $2.9 million. Institutional investors collectively own 88.03% of the company, with BlackRock also reporting a major new stake.
• Otis reported quarterly earnings of $1.01 per share, in line with estimates, while revenue rose 7.3% year over year to $3.86 billion. The company reaffirmed fiscal 2026 EPS guidance of $4.01–$4.05.
• Otis declared a quarterly dividend of $0.44 per share, equivalent to an annualized $1.76 payout and a 2.4% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $92.91.

Bank of Nova Scotia bought a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 40,653 shares of the company's stock, valued at approximately $2,911,000.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. BlackRock Inc. purchased a new stake in Otis Worldwide in the 2nd quarter valued at approximately $2,264,017,000. State Street Corp boosted its stake in shares of Otis Worldwide by 0.8% in the fourth quarter. State Street Corp now owns 16,128,197 shares of the company's stock valued at $1,408,798,000 after buying an additional 121,207 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Otis Worldwide by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company's stock valued at $945,020,000 after buying an additional 29,636 shares in the last quarter. Norges Bank acquired a new position in Otis Worldwide during the fourth quarter worth $770,125,000. Finally, Franklin Resources Inc. grew its holdings in Otis Worldwide by 5.7% during the fourth quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company's stock worth $685,012,000 after acquiring an additional 422,519 shares during the period. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

OTIS opened at $72.42 on Thursday. The company has a market cap 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 Corporation has a one year low of $69.16 and a one year high of $94.57. The business's fifty day moving average is $72.60 and its two-hundred day moving average is $77.19.

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 analysts' consensus estimates of $1.01. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations 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 business posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. Otis Worldwide's payout ratio is presently 45.24%.

Analyst Ratings Changes

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

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