Korea Investment CORP Invests $28.86 Million in Otis Worldwide Corporation $OTIS

Korea Investment CORP acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 403,037 shares of the company’s stock, valued at approximately $28,857,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Camelot Portfolios LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $26,000. Garton & Associates Financial Advisors LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at approximately $27,000. MidFirst Bank bought a new stake in Otis Worldwide during the 2nd quarter valued at $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Otis Worldwide during the 2nd quarter worth $28,000. Finally, Elevation Wealth Partners LLC grew its stake in shares of Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after purchasing an additional 382 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.2%

Shares of Otis Worldwide stock opened at $71.65 on Friday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $94.57. The stock has a market cap of $27.28 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89. The company’s 50-day moving average price is $72.64 and its two-hundred day moving average price is $77.62.

Otis Worldwide (NYSE:OTIS) 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 firm had revenue of $3.86 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.44 per share. 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 payout ratio is 45.24%.

Analyst Upgrades and Downgrades

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

Otis Worldwide Company 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.