The Manufacturers Life Insurance Company Invests $19.53 Million in Otis Worldwide Corporation $OTIS

The Manufacturers Life Insurance Company bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 272,748 shares of the company’s stock, valued at approximately $19,529,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Pinnacle Financial Partners Inc. raised its position in shares of 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 buying an additional 12,721 shares in the last quarter. Capital Research Global Investors grew its position in Otis Worldwide by 0.6% during the fourth quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock worth $248,417,000 after buying an additional 18,189 shares in the last quarter. Lazard Freres Gestion S.A.S. grew its position in Otis Worldwide by 21.9% during 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 buying an additional 235,316 shares in the last quarter. Banco Santander S.A. increased its stake in Otis Worldwide by 1,153.2% during the 2nd quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock worth $7,608,000 after acquiring an additional 97,778 shares during the period. Finally, Danske Bank A S increased its stake in Otis Worldwide by 13.3% during the 4th quarter. Danske Bank A S now owns 225,994 shares of the company’s stock worth $19,741,000 after acquiring an additional 26,500 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTIS has been the subject of several analyst reports. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Weiss Ratings reissued 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 report on Tuesday, July 28th. Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Finally, Sanford C. Bernstein cut their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Four 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $92.91.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $71.47 on Friday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The stock has a market capitalization of $27.21 billion, a price-to-earnings ratio of 18.37, a price-to-earnings-growth ratio of 2.55 and a beta of 0.89. The company’s 50 day simple moving average is $72.57 and its 200 day simple moving average is $77.06.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting the consensus estimate of $1.01. The firm had revenue of $3.86 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. 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.