Handelsbanken Fonder AB Has $16.25 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Handelsbanken Fonder AB raised its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 6.3% during the second quarter, HoldingsChannel.com reports. The fund owned 226,957 shares of the company’s stock after purchasing an additional 13,426 shares during the period. Handelsbanken Fonder AB’s holdings in Otis Worldwide were worth $16,250,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of OTIS. Valeo Financial Advisors LLC increased its holdings in Otis Worldwide by 28.2% in the 2nd quarter. Valeo Financial Advisors LLC now owns 4,357 shares of the company’s stock worth $312,000 after purchasing an additional 959 shares in the last quarter. Elevation Wealth Partners LLC boosted its stake in shares of Otis Worldwide by 1,910.0% during the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after purchasing an additional 382 shares in the last quarter. Cohen Capital Management Inc. boosted its stake in shares of Otis Worldwide by 1.5% during the second quarter. Cohen Capital Management Inc. now owns 52,862 shares of the company’s stock valued at $3,785,000 after purchasing an additional 785 shares in the last quarter. Czech National Bank grew its holdings in shares of Otis Worldwide by 3.2% during the second quarter. Czech National Bank now owns 109,220 shares of the company’s stock worth $7,820,000 after purchasing an additional 3,354 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab increased its stake in shares of Otis Worldwide by 2.5% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 60,516 shares of the company’s stock valued at $4,333,000 after buying an additional 1,484 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on OTIS. Evercore reiterated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. UBS Group set a $105.00 price target on shares of Otis Worldwide in a research report on Thursday, April 23rd. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 15th. Sanford C. Bernstein dropped their price target on shares of 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 target on shares of Otis Worldwide in a report on Tuesday, July 28th. Four 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. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $92.91.

Otis Worldwide Stock Up 1.1%

OTIS stock opened at $73.84 on Thursday. The firm has a market cap of $28.11 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 2.58 and a beta of 0.89. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The company’s fifty day simple moving average is $72.43 and its 200 day simple moving average is $78.38.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share 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 firm had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same period last year, the business posted $1.05 EPS. The business’s revenue was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Research analysts expect that Otis Worldwide Corporation will post 4.02 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 annualized dividend and a yield of 2.4%. Otis Worldwide’s payout ratio is 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.