Shelter Mutual Insurance Co Buys New Shares in Otis Worldwide Corporation $OTIS

Key Points

• Shelter Mutual Insurance initiated a position in Otis Worldwide by purchasing 31,200 shares valued at approximately $2.23 million. Institutional investors and hedge funds collectively own 88.03% of OTIS.
• Analyst sentiment remains mixed, with four Buy, five Hold, and one Sell rating; the stock has an average rating of Hold and an average price target of $92.91.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, while earnings of $1.01 per share matched estimates. The company also declared a quarterly dividend of $0.44 per share, representing a 2.5% annualized yield.

Shelter Mutual Insurance Co purchased a new position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 31,200 shares of the company's stock, valued at approximately $2,234,000.

A number of other institutional investors and hedge funds also recently modified their holdings of OTIS. BlackRock Inc. purchased a new stake in Otis Worldwide in the second quarter valued at approximately $2,264,017,000. State Street Corp boosted its holdings in shares of Otis Worldwide by 0.8% in the 4th quarter. State Street Corp now owns 16,128,197 shares of the company's stock valued at $1,408,798,000 after purchasing an additional 121,207 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company's stock valued at $945,020,000 after purchasing an additional 29,636 shares during the last quarter. Norges Bank purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at $770,125,000. Finally, Franklin Resources Inc. increased its holdings in shares of Otis Worldwide by 5.7% during the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company's stock worth $685,012,000 after buying an additional 422,519 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Evercore reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Sanford C. Bernstein reduced 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. Morgan Stanley set a $75.00 target price on Otis Worldwide in a report on Monday, August 10th. Finally, Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and an average target price of $92.91.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $71.65 on Friday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The stock's 50-day simple moving average is $72.64 and its 200-day simple moving average is $77.62. The firm has a market cap of $27.28 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 2.53 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued 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 firm had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the firm earned $1.05 EPS. 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, research analysts predict that Otis Worldwide Corporation will post 4.02 EPS for the current year.

Otis Worldwide Announces Dividend

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

Otis Worldwide Company 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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