California State Teachers Retirement System Buys 7,958 Shares of Otis Worldwide Corporation $OTIS

California State Teachers Retirement System grew its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 635,109 shares of the company's stock after acquiring an additional 7,958 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Otis Worldwide worth $45,473,804 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Capital Research Global Investors raised its position in shares of Otis Worldwide by 0.6% during the 4th quarter. Capital Research Global Investors now owns 2,843,926 shares of the company's stock worth $248,417,000 after buying an additional 18,189 shares in the last quarter. Banco Santander S.A. boosted its holdings in Otis Worldwide by 1,153.2% during the second quarter. Banco Santander S.A. now owns 106,257 shares of the company's stock worth $7,608,000 after purchasing an additional 97,778 shares during the last quarter. Lazard Freres Gestion S.A.S. boosted its holdings in Otis Worldwide by 21.9% in the 4th quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company's stock valued at $114,355,000 after purchasing an additional 235,316 shares during the period. Alberta Investment Management Corp lifted its stake in shares of Otis Worldwide by 44.1% in the 4th quarter. Alberta Investment Management Corp now owns 170,600 shares of the company's stock valued at $14,902,000 after acquiring an additional 52,200 shares during the last quarter. Finally, Markel Group Inc. lifted its position in shares of Otis Worldwide by 16.6% during the 2nd quarter. Markel Group Inc. now owns 133,620 shares of the company's stock valued at $9,567,000 after acquiring an additional 19,000 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on OTIS shares. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein lowered their price objective 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. Evercore restated an "outperform" rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $92.91.

Otis Worldwide Stock Down 1.0%

NYSE:OTIS traded down $0.69 on Tuesday, reaching $69.48. 2,115,027 shares of the company's stock were exchanged, compared to its average volume of 3,725,985. Otis Worldwide Corporation has a 52-week low of $67.64 and a 52-week high of $94.57. The business has a fifty day moving average of $72.03 and a 200-day moving average of $75.33. The firm has a market capitalization of $26.45 billion, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 2.43 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the firm earned $1.05 earnings per share. The company'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. As a group, equities analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current 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 paid a dividend of $0.44 per share. The ex-dividend date was Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide's dividend payout ratio (DPR) 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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