Daiichi Life Insurance Co. Ltd. Invests $639,000 in Otis Worldwide Corporation $OTIS

Daiichi Life Insurance Co. Ltd. acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, Holdings Channel reports. The firm acquired 8,930 shares of the company’s stock, valued at approximately $639,000.

A number of other institutional investors also recently modified their holdings of the stock. Pinnacle Financial Partners Inc. increased its stake in Otis Worldwide by 19.6% in the third quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Otis Worldwide by 0.6% during the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock valued at $248,417,000 after purchasing an additional 18,189 shares during the period. Lazard Freres Gestion S.A.S. boosted its position in shares of Otis Worldwide by 21.9% during the 4th quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock worth $114,355,000 after purchasing an additional 235,316 shares in the last quarter. Banco Santander S.A. grew its stake in shares of Otis Worldwide by 1,153.2% in the 2nd 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 period. Finally, Danske Bank A S grew its stake in shares of Otis Worldwide by 13.3% in the 4th quarter. Danske Bank A S now owns 225,994 shares of the company’s stock valued at $19,741,000 after buying an additional 26,500 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

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

Otis Worldwide Price Performance

Shares of OTIS stock opened at $72.18 on Tuesday. The firm has a 50-day moving average of $72.64 and a 200-day moving average of $77.45. The company has a market cap of $27.48 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.52 and a beta of 0.89. Otis Worldwide Corporation has a one year low of $69.16 and a one year high of $94.57.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting analysts’ consensus estimates 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 period last year, the firm 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. As a group, research analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share 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. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. Otis Worldwide’s dividend payout ratio (DPR) is currently 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.