State Street Corp Acquires 463,491 Shares of Otis Worldwide Corporation $OTIS

Key Points

• State Street increased its Otis Worldwide stake by 2.9%, purchasing 463,491 additional shares to own 16.66 million shares, or 4.38% of the company. Institutional investors and hedge funds collectively own 88.03% of Otis.
• 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 reaffirmed fiscal 2026 EPS guidance of $4.01–$4.05.
• Otis pays a quarterly dividend of $0.44, equivalent to a 2.6% annual yield. Analysts maintain a consensus “Hold” rating with a $92.91 price target, despite several firms assigning “Outperform” ratings.

State Street Corp raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 2.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,664,994 shares of the company's stock after buying an additional 463,491 shares during the period. State Street Corp owned 4.38% of Otis Worldwide worth $1,193,214,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in Otis Worldwide in the 2nd quarter worth approximately $2,264,017,000. Geode Capital Management LLC raised its position in shares of Otis Worldwide by 0.3% in the fourth 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 period. Norges Bank acquired a new stake in shares of Otis Worldwide in the fourth quarter worth $770,125,000. Franklin Resources Inc. lifted its stake in shares of Otis Worldwide by 5.7% in the fourth 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. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Otis Worldwide during the 2nd quarter worth $423,739,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Up 2.3%

Otis Worldwide stock opened at $68.16 on Wednesday. The business has a 50 day moving average price of $71.50 and a two-hundred day moving average price of $74.34. The stock has a market cap of $25.95 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 2.35 and a beta of 0.88. Otis Worldwide Corporation has a 12 month low of $66.57 and a 12 month high of $94.57.

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, hitting the consensus estimate of $1.01. The company 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%.Otis Worldwide'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 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 14th were paid a $0.44 dividend. The ex-dividend date was Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.6%. Otis Worldwide's dividend payout ratio is currently 45.24%.

Analyst Ratings Changes

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

Otis Worldwide Profile

Otis Worldwide Corporation NYSE: OTIS designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company's offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.

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