Otis Worldwide Corporation $OTIS Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Otis Worldwide stake by 6.1%, selling 18,612 shares and retaining 287,005 shares valued at approximately $22.1 million. Institutional investors collectively own 88.03% of the company.
• Analysts have a consensus “Hold” rating on OTIS, with a consensus price target of $94.09; individual targets range from $88 to $105.
• Otis reported quarterly earnings of $1.01 per share, matching estimates, while revenue rose 7.3% year over year to $3.86 billion. The company also declared a quarterly dividend of $0.44 per share, representing a 2.4% yield.

The Manufacturers Life Insurance Company lessened its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 287,005 shares of the company's stock after selling 18,612 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Otis Worldwide worth $22,122,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in OTIS. Norges Bank purchased a new position in Otis Worldwide in the fourth quarter valued at about $770,125,000. Millennium Management LLC grew its holdings in shares of Otis Worldwide by 1,047.0% in the 4th quarter. Millennium Management LLC now owns 2,387,466 shares of the company's stock worth $208,545,000 after acquiring an additional 2,179,314 shares during the period. Van ECK Associates Corp grew its holdings in shares of Otis Worldwide by 97.9% in the 4th quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company's stock worth $349,626,000 after acquiring an additional 1,979,819 shares during the period. AQR Capital Management LLC increased its stake in Otis Worldwide by 125.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company's stock valued at $236,891,000 after purchasing an additional 1,445,904 shares in the last quarter. Finally, Scharf Investments LLC acquired a new position in Otis Worldwide during the third quarter worth $73,200,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OTIS. Wolfe Research cut Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, April 8th. Morgan Stanley set a $88.00 price objective on shares of Otis Worldwide in a research note on Friday, April 24th. Evercore reissued 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 decreased their price objective on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Finally, UBS Group set a $105.00 target price on shares of Otis Worldwide in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $94.09.

Otis Worldwide Stock Up 0.4%

NYSE:OTIS opened at $71.98 on Friday. The company has a market cap of $27.40 billion, a P/E ratio of 18.50, a P/E/G ratio of 2.55 and a beta of 0.90. The firm's 50 day moving average is $72.08 and its two-hundred day moving average is $79.38. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts' consensus estimates of $1.01. The firm had revenue of $3.86 billion for 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 for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts forecast that Otis Worldwide Corporation will post 4 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide's dividend payout ratio is 45.24%.

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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