UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 239,012 Shares of Otis Worldwide Corporation $OTIS

Key Points

• UBS Asset Management reduced its Otis Worldwide stake by 7.2%, selling 239,012 shares and retaining 3.07 million shares worth approximately $219.9 million, or 0.81% of the company.
• Institutional ownership remains high at 88.03%, with BlackRock, State Street, Geode Capital, Norges Bank and Franklin Resources among major holders that recently expanded or initiated positions.
• Analysts have a consensus “Hold” rating and a $92.91 target price. Otis reported quarterly revenue of $3.86 billion and EPS of $1.01, while maintaining a $0.44 quarterly dividend, yielding about 2.5% annually.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,071,357 shares of the company's stock after selling 239,012 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.81% of Otis Worldwide worth $219,909,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

OTIS has been the subject of a number of recent analyst reports. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Weiss Ratings reissued 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 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, 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 note on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $92.91.

Otis Worldwide Stock Performance

NYSE OTIS opened at $71.34 on Tuesday. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $94.57. The company has a fifty day moving average of $72.52 and a 200-day moving average of $76.81. The company has a market capitalization of $27.16 billion, a P/E ratio of 18.34, a P/E/G ratio of 2.53 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS 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 business had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.76 billion. During the same quarter in the prior year, the firm earned $1.05 earnings per share. The firm's 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, analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. Otis Worldwide's dividend payout ratio is 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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