Meiji Yasuda Asset Management Co Ltd. Takes $561,000 Position in Otis Worldwide Corporation $OTIS

Meiji Yasuda Asset Management Co Ltd. bought 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 Securities and Exchange Commission. The firm bought 7,841 shares of the company’s stock, valued at approximately $561,000.

Other hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in Otis Worldwide in the second quarter worth $2,911,000. Elevation Point Wealth Partners LLC purchased a new position in Otis Worldwide during the second quarter valued at $329,000. Daiichi Life Insurance Co. Ltd. bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at $639,000. Foyston Gordon & Payne Inc bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at $13,147,000. Finally, Commerce Bank purchased a new stake in shares of Otis Worldwide in the 2nd quarter worth about $4,749,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 0.9%

Shares of OTIS opened at $71.56 on Wednesday. The company has a market capitalization of $27.24 billion, a P/E ratio of 18.40, a price-to-earnings-growth ratio of 2.54 and a beta of 0.89. The firm has a 50 day moving average of $72.61 and a 200 day moving average of $77.32. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting 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 during the quarter, compared to analyst estimates of $3.76 billion. During the same period in the previous year, the business earned $1.05 EPS. 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. On average, sell-side analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

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 dividend of $0.44 per share. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s payout ratio is currently 45.24%.

Analysts Set New Price Targets

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

About Otis Worldwide

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.