Wealthfront Advisers LLC Takes $1.57 Million Position in Otis Worldwide Corporation $OTIS

Wealthfront Advisers LLC acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 21,903 shares of the company’s stock, valued at approximately $1,568,000.

Several other large investors have also made changes to their positions in OTIS. BlackRock Inc. acquired a new stake in Otis Worldwide in the 2nd quarter valued at approximately $2,264,017,000. Norges Bank acquired a new position in shares of Otis Worldwide during the fourth quarter worth approximately $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Otis Worldwide in the second quarter valued at approximately $423,739,000. Bank of New York Mellon Corp bought a new stake in shares of Otis Worldwide in the second quarter valued at approximately $196,298,000. Finally, Millennium Management LLC grew its stake in shares of Otis Worldwide by 1,047.0% in the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock worth $208,545,000 after acquiring an additional 2,179,314 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $71.77 on Friday. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57. The stock has a fifty day moving average price of $72.62 and a 200 day moving average price of $77.66. The stock has a market cap of $27.32 billion, a P/E ratio of 18.45, a price-to-earnings-growth ratio of 2.54 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. 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 previous year, the firm posted $1.05 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.02 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm 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 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 is 45.24%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on OTIS. Evercore reaffirmed an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research report on Thursday, April 23rd. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein reduced their target price 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. Finally, Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $92.91.

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.