Public Employees Retirement System of Ohio Makes New $7.84 Million Investment in Otis Worldwide Corporation $OTIS

Public Employees Retirement System of Ohio bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 109,524 shares of the company’s stock, valued at approximately $7,842,000.

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

Analyst Ratings Changes

Several analysts have recently commented on OTIS shares. Sanford C. Bernstein reduced their price target on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on Otis Worldwide in a report on Monday, August 10th. Finally, Evercore restated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research report on Thursday, July 23rd. 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 MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $92.91.

Otis Worldwide Trading Down 0.8%

Shares of Otis Worldwide stock opened at $70.59 on Wednesday. The company has a 50-day moving average of $72.49 and a two-hundred day moving average of $76.67. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The stock has a market cap of $26.87 billion, a PE ratio of 18.15, a price-to-earnings-growth ratio of 2.50 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

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.