Great Lakes Advisors LLC Acquires New Shares in Otis Worldwide Corporation $OTIS

Key Points

• Great Lakes Advisors acquired 759,953 shares of Otis Worldwide in the second quarter, valued at approximately $54.4 million and representing about 0.20% of the company. Institutional investors and hedge funds collectively own 88.03% of OTIS.
• Otis shares opened at $70.50, near the lower end of their 12-month range. The company matched quarterly EPS estimates at $1.01, exceeded revenue expectations with $3.86 billion, and reported 7.3% year-over-year revenue growth.
• Otis declared a quarterly dividend of $0.44 per share, equivalent to an annualized $1.76 dividend and a 2.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $92.91.

Great Lakes Advisors LLC acquired a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 759,953 shares of the company's stock, valued at approximately $54,413,000. Great Lakes Advisors LLC owned approximately 0.20% of Otis Worldwide at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of OTIS. Jones Financial Companies Lllp lifted its position in shares of Otis Worldwide by 3.4% in the first 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 last quarter. Empowered Funds LLC increased its holdings in shares of Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock valued at $928,000 after acquiring an additional 857 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Otis Worldwide by 63.7% during the 1st 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 last quarter. Baird Financial Group Inc. raised its stake in shares of Otis Worldwide by 7.1% in the 2nd 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 in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Otis Worldwide by 13.3% in the 2nd 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 in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.1%

Shares of OTIS stock opened at $70.50 on Wednesday. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $94.57. The firm has a market cap of $26.84 billion, a PE ratio of 18.12, a price-to-earnings-growth ratio of 2.56 and a beta of 0.89. The stock has a 50 day moving average of $72.54 and a 200-day moving average of $77.86.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share (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 for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the company posted $1.05 earnings per share. 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. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on OTIS shares. Barclays decreased their target price on Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating for the company in a research report on Thursday, April 23rd. UBS Group set a $105.00 price objective on shares of Otis Worldwide in a research note on Thursday, April 23rd. Sanford C. Bernstein lowered their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $92.91.

About Otis Worldwide

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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