California State Teachers Retirement System Has $48.34 Million Stake in Otis Worldwide Corporation $OTIS

Key Points

• California State Teachers Retirement System reduced its Otis Worldwide stake by 2.6% in the first quarter, selling 16,673 shares but retaining 627,151 shares valued at $48.34 million. Institutional investors own 88.03% of the company.
• Otis shares opened at $71.69, down 2.3%, while analysts hold a consensus “Hold” rating and an average price target of $94.09. Recent target prices range from $77 to $105.
• Otis matched quarterly earnings expectations at $1.01 per share and exceeded revenue forecasts with $3.86 billion, up 7.3% year over year. The company also declared a $0.44 quarterly dividend, representing a 2.5% yield.

California State Teachers Retirement System trimmed its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 627,151 shares of the company's stock after selling 16,673 shares during the period. California State Teachers Retirement System owned approximately 0.16% of Otis Worldwide worth $48,341,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Jones Financial Companies Lllp increased its position in Otis Worldwide by 3.4% in 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 during the period. Empowered Funds LLC lifted its holdings in shares of Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after buying an additional 857 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after acquiring an additional 1,574 shares during the period. Baird Financial Group Inc. boosted its position in shares of Otis Worldwide by 7.1% in the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock valued at $3,193,000 after acquiring an additional 2,132 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Otis Worldwide by 13.3% in the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock valued at $1,012,000 after acquiring an additional 1,196 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday. Sanford C. Bernstein decreased their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, July 23rd. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a report on Thursday, April 23rd. Evercore reaffirmed an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Barclays reduced their target price on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating for the company in a research note on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and an average target price of $94.09.

Otis Worldwide Trading Down 2.3%

Shares of OTIS opened at $71.69 on Friday. The stock has a market cap of $27.29 billion, a PE ratio of 18.43, a PEG ratio of 2.60 and a beta of 0.90. 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 $72.09 and a 200-day simple moving average of $79.43.

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. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the previous year, the firm earned $1.05 EPS. Otis Worldwide's quarterly 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. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide's payout ratio is currently 45.24%.

Otis Worldwide 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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