105,652 Shares in Otis Worldwide Corporation $OTIS Acquired by Veritas Asset Management LLP

by · The Markets Daily

Veritas Asset Management LLP bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS – Free Report) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 105,652 shares of the company’s stock, valued at approximately $7,565,000. Otis Worldwide makes up 0.1% of Veritas Asset Management LLP’s holdings, making the stock its 19th largest position.

Other institutional investors have also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. lifted its position in Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after acquiring an additional 12,721 shares in the last quarter. Capital Research Global Investors boosted its stake in Otis Worldwide by 0.6% in the 4th quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock worth $248,417,000 after purchasing an additional 18,189 shares during the period. Banco Santander S.A. increased its holdings in Otis Worldwide by 1,153.2% during the 2nd quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock worth $7,608,000 after purchasing an additional 97,778 shares in the last quarter. Lazard Freres Gestion S.A.S. raised its stake in shares of Otis Worldwide by 21.9% in the 4th quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock valued at $114,355,000 after purchasing an additional 235,316 shares during the period. Finally, Alberta Investment Management Corp raised its stake in shares of Otis Worldwide by 44.1% in the 4th quarter. Alberta Investment Management Corp now owns 170,600 shares of the company’s stock valued at $14,902,000 after purchasing an additional 52,200 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on OTIS shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein cut their price objective 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, Evercore restated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report 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. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $92.91.

View Our Latest Report on OTIS

Otis Worldwide Trading Down 1.5%

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

Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its 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 for the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be issued 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 of this dividend is Friday, August 14th. Otis Worldwide’s dividend payout ratio is presently 45.24%.

About Otis Worldwide

(Free Report)

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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