Wellington Management Group LLP Has $238.85 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Wellington Management reduced its Otis Worldwide stake by 5.3% in the second quarter, selling 185,520 shares but retaining 3.34 million shares worth approximately $238.85 million. Institutional investors collectively own 88.03% of the company.
• Analyst opinions are mixed, with a consensus “Hold” rating and an average price target of $92.91, compared with Otis’s recent price of $71.77.
• Otis reported quarterly earnings of $1.01 per share and $3.86 billion in revenue, while maintaining a quarterly dividend of $0.44 per share, representing a 2.5% annualized yield.

Wellington Management Group LLP trimmed its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 5.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,335,941 shares of the company's stock after selling 185,520 shares during the period. Wellington Management Group LLP owned approximately 0.88% of Otis Worldwide worth $238,853,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several research firms have recently commented on OTIS. Evercore reissued an "outperform" rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. 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 target on Otis Worldwide in a research note on Monday, August 10th. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein lowered their price objective on 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $92.91.

Otis Worldwide Price Performance

NYSE OTIS opened at $71.77 on Monday. The company has a fifty day moving average price of $72.54 and a 200-day moving average price of $76.94. The firm has a market cap of $27.32 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 2.53 and a beta of 0.89. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57.

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, meeting analysts' consensus estimates of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period last 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. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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