Meiji Yasuda Asset Management Co Ltd. Purchases Shares of 7,841 Otis Worldwide Corporation $OTIS

Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 7,841 shares of the company’s stock, valued at approximately $561,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Otis Worldwide in the second quarter valued at approximately $2,264,017,000. State Street Corp grew its stake in Otis Worldwide by 0.8% in the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock worth $1,408,798,000 after buying an additional 121,207 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Otis Worldwide by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after buying an additional 29,636 shares during the last quarter. Norges Bank bought a new position in shares of Otis Worldwide in the 4th quarter worth $770,125,000. Finally, Franklin Resources Inc. raised its position in shares of Otis Worldwide by 5.7% during the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock valued at $685,012,000 after buying an additional 422,519 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $71.56 on Wednesday. The stock has a market capitalization of $27.24 billion, a PE ratio of 18.40, a P/E/G ratio of 2.54 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. The business has a 50-day moving average of $72.61 and a 200 day moving average of $77.32.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The business had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the firm earned $1.05 EPS. The business’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. Analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Evercore reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 target price on Otis Worldwide in a research note on Monday, August 10th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Sanford C. Bernstein dropped their price target 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. Finally, Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a 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. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $92.91.

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.