759,953 Shares in Otis Worldwide Corporation $OTIS Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 759,953 shares of the company’s stock, valued at approximately $54,413,000.

Other hedge funds also recently modified their holdings 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 position in shares of Otis Worldwide in the fourth quarter valued at $27,000. MidFirst Bank bought a new position in Otis Worldwide in the second quarter worth $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Otis Worldwide in the second quarter worth $28,000. Finally, Elevation Wealth Partners LLC boosted its stake in Otis Worldwide by 1,910.0% during the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after buying an additional 382 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $70.50 on Wednesday. The business’s fifty day moving average price is $72.54 and its two-hundred day moving average price is $77.86. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57. The stock has a market capitalization of $26.84 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 2.56 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the business earned $1.05 earnings per share. The business’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. Research analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors 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 yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.24%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on OTIS. Sanford C. Bernstein lowered their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research report on Tuesday, July 28th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research report on Monday, August 10th. Finally, UBS Group set a $105.00 price target on shares of Otis Worldwide in a research note on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $92.91.

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.