Tidal Investments LLC Sells 24,737 Shares of Otis Worldwide Corporation $OTIS

Tidal Investments LLC decreased its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 407,080 shares of the company’s stock after selling 24,737 shares during the quarter. Tidal Investments LLC’s holdings in Otis Worldwide were worth $29,147,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in OTIS. California State Teachers Retirement System increased its holdings in Otis Worldwide by 7,150.9% during the second quarter. California State Teachers Retirement System now owns 45,473,804 shares of the company’s stock valued at $3,255,924,000 after buying an additional 44,846,653 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Otis Worldwide during the 2nd quarter worth $2,264,017,000. State Street Corp grew its position in shares of Otis Worldwide by 0.8% during the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after acquiring an additional 121,207 shares during the period. Geode Capital Management LLC grew its position in shares of Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after acquiring an additional 29,636 shares during the period. Finally, Norges Bank purchased a new stake in shares of Otis Worldwide in the 4th quarter worth $770,125,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 1.0%

Shares of Otis Worldwide stock opened at $69.38 on Thursday. The firm has a market cap of $26.41 billion, a price-to-earnings ratio of 17.83, a PEG ratio of 2.47 and a beta of 0.88. The business has a 50-day moving average price of $72.28 and a 200-day moving average price of $75.79. Otis Worldwide Corporation has a twelve month low of $68.41 and a twelve month high of $94.57.

Otis Worldwide (NYSE:OTIS) last posted its 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 company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The firm’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. On average, equities analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend 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 45.24%.

Analyst Ratings Changes

A number of brokerages recently commented on OTIS. Sanford C. Bernstein decreased their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Evercore reaffirmed an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research note on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $92.91.

Otis Worldwide Profile

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.