Man Group plc Acquires Shares of 1,475,345 Otis Worldwide Corporation $OTIS

Key Points

• Man Group acquired 1,475,345 shares of Otis Worldwide in the second quarter, worth approximately $105.6 million and representing about 0.39% of the company. Institutional investors collectively own 88.03% of Otis.
• Analyst sentiment is mixed, with four Buy, five Hold and one Sell rating; the consensus rating is Hold with a $92.91 price target. Otis shares opened at $71.56, near the lower end of their 52-week range.
• Otis reported quarterly EPS of $1.01, matching estimates, while revenue rose 7.3% year over year to $3.86 billion. The company declared a $0.44 quarterly dividend, equivalent to a 2.5% yield.

Man Group plc bought a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,475,345 shares of the company's stock, valued at approximately $105,635,000. Man Group plc owned approximately 0.39% of Otis Worldwide as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Pinnacle Financial Partners Inc. grew its holdings in shares of Otis Worldwide by 19.6% during the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company's stock worth $7,085,000 after purchasing an additional 12,721 shares during the last quarter. Capital Research Global Investors increased its stake in shares of Otis Worldwide by 0.6% in the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company's stock valued at $248,417,000 after buying an additional 18,189 shares in the last quarter. Lazard Freres Gestion S.A.S. raised its holdings in shares of Otis Worldwide by 21.9% in the fourth quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company's stock valued at $114,355,000 after buying an additional 235,316 shares during the last quarter. Banco Santander S.A. raised its holdings in shares of Otis Worldwide by 1,153.2% in the second quarter. Banco Santander S.A. now owns 106,257 shares of the company's stock valued at $7,608,000 after buying an additional 97,778 shares during the last quarter. Finally, Danske Bank A S raised its holdings in shares of Otis Worldwide by 13.3% in the fourth quarter. Danske Bank A S now owns 225,994 shares of the company's stock valued at $19,741,000 after buying an additional 26,500 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

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

Otis Worldwide Stock Down 0.9%

OTIS stock opened at $71.56 on Wednesday. The company has a market cap of $27.24 billion, a P/E ratio of 18.40, a PEG ratio of 2.54 and a beta of 0.89. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The business has a fifty day moving average of $72.61 and a 200-day moving average of $77.32.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates 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 for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities research analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend 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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