VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in Otis Worldwide Corporation $OTIS

Key Points

• Virginia Retirement Systems acquired 196,650 shares of Otis Worldwide valued at approximately $14.08 million, giving it a 0.05% stake. Institutional investors collectively own 88.03% of the company.
• Analysts maintain a mixed outlook, with a consensus “Hold” rating and an average price target of $92.91; recent targets range from $75 to $95.
• Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, while meeting earnings expectations at $1.01 per share. The company also declared a quarterly dividend of $0.44 per share, representing a 2.5% yield.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 196,650 shares of the company's stock, valued at approximately $14,080,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.05% of Otis Worldwide at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Evercore restated an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Finally, Sanford C. Bernstein dropped their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an "outperform" rating for the company in a research note on Thursday, July 23rd. Four research 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. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average price target of $92.91.

Otis Worldwide Stock Down 0.0%

NYSE:OTIS opened at $71.19 on Tuesday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $94.57. The stock's fifty day moving average is $72.34 and its two-hundred day moving average is $76.12. The company has a market capitalization of $27.10 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.51 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting analysts' consensus estimates of $1.01. The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company's revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

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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