Primecap Management Co. CA Acquires Shares of 2,055,440 Otis Worldwide Corporation $OTIS

Primecap Management Co. CA acquired a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,055,440 shares of the company's stock, valued at approximately $147,170,000. Primecap Management Co. CA owned 0.54% of Otis Worldwide as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp raised its holdings in Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock worth $949,000 after purchasing an additional 304 shares during the period. Empowered Funds LLC grew its holdings in Otis Worldwide by 10.5% in the first quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock valued at $928,000 after purchasing an additional 857 shares during the period. Acadian Asset Management LLC grew its holdings in Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock valued at $417,000 after purchasing an additional 1,574 shares during the period. Baird Financial Group Inc. increased its position in shares of Otis Worldwide by 7.1% in the second quarter. Baird Financial Group Inc. now owns 32,245 shares of the company's stock valued at $3,193,000 after buying an additional 2,132 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in shares of Otis Worldwide by 13.3% in the second quarter. NewEdge Advisors LLC now owns 10,222 shares of the company's stock valued at $1,012,000 after buying an additional 1,196 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS opened at $71.56 on Wednesday. The stock has a 50 day moving average price of $72.61 and a 200 day moving average price of $77.32. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The stock has a market capitalization of $27.24 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 2.54 and a beta of 0.89.

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 for the quarter, meeting analysts' consensus estimates of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the firm posted $1.05 EPS. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on OTIS shares. Sanford C. Bernstein decreased their target price on Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a report on Tuesday, July 28th. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a research report on Monday, August 10th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Evercore reiterated an "outperform" rating and issued a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 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. According to MarketBeat, Otis Worldwide has an average 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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