Commerce Bank Purchases Shares of 66,323 Otis Worldwide Corporation $OTIS

Commerce Bank acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 66,323 shares of the company’s stock, valued at approximately $4,749,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. BlackRock Inc. acquired a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $2,264,017,000. Norges Bank bought a new position in Otis Worldwide during the fourth quarter worth about $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Otis Worldwide during the second quarter worth about $423,739,000. Bank of New York Mellon Corp acquired a new stake in Otis Worldwide during the second quarter valued at approximately $196,298,000. Finally, Millennium Management LLC boosted its holdings in Otis Worldwide by 1,047.0% during the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock valued at $208,545,000 after purchasing an additional 2,179,314 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 0.2%

NYSE:OTIS opened at $71.65 on Monday. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57. The firm has a 50 day moving average of $72.64 and a 200-day moving average of $77.56. The stock has a market capitalization of $27.28 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. The business’s revenue for the quarter 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, analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s dividend payout ratio is 45.24%.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. Weiss Ratings reiterated 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 Otis Worldwide in a research note on Monday, August 10th. Evercore reiterated an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research note on Tuesday, July 28th. Finally, Sanford C. Bernstein cut their price objective on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average 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.