Veritas Asset Management LLP Purchases New Shares in Otis Worldwide Corporation $OTIS

Key Points

• Veritas Asset Management purchased 105,652 Otis Worldwide shares worth approximately $7.6 million in the second quarter, while institutional investors collectively own 88.03% of the company.
• Analysts have a mixed view of Otis, with four Buy, five Hold and one Sell rating; the stock has a consensus price target of $92.91 versus a recent trading price of $70.14.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, and earnings of $1.01 per share. The company also declared a quarterly dividend of $0.44, representing a 2.5% annualized yield.

Veritas Asset Management LLP acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 105,652 shares of the company's stock, valued at approximately $7,565,000. Otis Worldwide comprises approximately 0.1% of Veritas Asset Management LLP's investment portfolio, making the stock its 19th biggest holding.

Several other large investors also recently made changes to their positions in the business. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $27,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the 2nd quarter worth $27,000. Reflection Asset Management bought a new position in Otis Worldwide in the 4th quarter valued at $34,000. MidFirst Bank acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $35,000. Finally, Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at $28,000. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research note on Monday, August 10th. Evercore reiterated an "outperform" rating and issued a $95.00 price objective 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 report on Wednesday, August 12th. Sanford C. Bernstein cut their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $92.91.

Otis Worldwide Stock Down 1.5%

Shares of Otis Worldwide stock traded down $1.07 during trading on Tuesday, reaching $70.14. 3,416,810 shares of the company were exchanged, compared to its average volume of 3,730,954. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The business has a 50-day moving average price of $72.34 and a 200-day moving average price of $76.12. The firm has a market capitalization of $26.70 billion, a price-to-earnings ratio of 18.03, a P/E/G ratio of 2.51 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The company'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. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company 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 $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide's dividend payout ratio (DPR) is currently 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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