California State Teachers Retirement System Increases Stock Position in Otis Worldwide Corporation $OTIS

California State Teachers Retirement System increased its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7,150.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,473,804 shares of the company's stock after buying an additional 44,846,653 shares during the period. California State Teachers Retirement System owned 11.95% of Otis Worldwide worth $3,255,924,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth $27,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $27,000. MidFirst Bank purchased a new position in shares of Otis Worldwide in the second quarter valued at $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at $28,000. Finally, Elevation Wealth Partners LLC raised its stake in shares of Otis Worldwide by 1,910.0% during the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company's stock valued at $29,000 after purchasing an additional 382 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $67.87 on Friday. The company has a market capitalization of $25.84 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 2.44 and a beta of 0.88. Otis Worldwide Corporation has a 52-week low of $67.64 and a 52-week high of $94.57. The business's fifty day moving average is $72.18 and its 200 day moving average is $75.62.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate 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 firm's revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.05 earnings per share. 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 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.6%. Otis Worldwide's payout ratio is presently 45.24%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on Otis Worldwide in a report on Monday, August 10th. Evercore reiterated an "outperform" rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Sanford C. Bernstein lowered their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 price target 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 assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $92.91.

Otis Worldwide Company Profile

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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