Saudi Central Bank Acquires 12,824 Shares of Otis Worldwide Corporation $OTIS

Saudi Central Bank boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 89.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,209 shares of the company’s stock after buying an additional 12,824 shares during the quarter. Saudi Central Bank’s holdings in Otis Worldwide were worth $1,948,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OTIS. Pinnacle Financial Partners Inc. boosted its position in shares of Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock worth $7,085,000 after purchasing an additional 12,721 shares in the last quarter. Capital Research Global Investors raised its stake in Otis Worldwide by 0.6% in the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock valued at $248,417,000 after buying an additional 18,189 shares during the last quarter. Banco Santander S.A. raised its stake in Otis Worldwide by 1,153.2% in the second quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock valued at $7,608,000 after buying an additional 97,778 shares during the last quarter. Lazard Freres Gestion S.A.S. boosted its holdings in Otis Worldwide by 21.9% in the fourth quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock worth $114,355,000 after acquiring an additional 235,316 shares in the last quarter. Finally, Alberta Investment Management Corp boosted its holdings in Otis Worldwide by 44.1% in the fourth quarter. Alberta Investment Management Corp now owns 170,600 shares of the company’s stock worth $14,902,000 after acquiring an additional 52,200 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of several recent analyst reports. Weiss Ratings restated 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 target on Otis Worldwide in a research note on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein dropped their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Finally, Evercore reiterated an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $92.91.

Otis Worldwide Price Performance

NYSE:OTIS opened at $71.19 on Tuesday. The company has a 50 day moving average price of $72.34 and a 200-day moving average price of $76.12. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57. The firm has a market cap of $27.10 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 2.51 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 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 company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter last year, the business earned $1.05 earnings per share. The firm’s 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. On average, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share 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. Stockholders of record on Friday, August 14th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is 45.24%.

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.