Varma Mutual Pension Insurance Co Purchases New Position in Otis Worldwide Corporation $OTIS

Varma Mutual Pension Insurance Co purchased a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 173,442 shares of the company’s stock, valued at approximately $12,418,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Westpac Banking Corp purchased a new stake in shares of Otis Worldwide in the second quarter worth approximately $92,000. Landscape Capital Management L.L.C. purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $528,000. Korea Investment CORP purchased a new position in shares of Otis Worldwide during the second quarter valued at approximately $28,857,000. EP Wealth Advisors LLC bought a new stake in Otis Worldwide during the second quarter worth $714,000. Finally, Ieq Capital LLC bought a new stake in Otis Worldwide during the second quarter worth $4,848,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Price Performance

NYSE OTIS opened at $71.65 on Monday. The stock has a market capitalization of $27.28 billion, a price-to-earnings ratio of 18.42, a PEG 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. The business’s fifty day moving average is $72.64 and its 200-day moving average is $77.56.

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

Otis Worldwide Announces Dividend

The business also recently announced 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. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide’s payout ratio is presently 45.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OTIS shares. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Sanford C. Bernstein reduced their target price 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 reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Evercore reissued an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday, July 28th. 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $92.91.

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.