Bank of Nova Scotia Invests $2.91 Million in Otis Worldwide Corporation $OTIS

Bank of Nova Scotia acquired a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, Holdings Channel reports. The fund acquired 40,653 shares of the company’s stock, valued at approximately $2,911,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Smartleaf Asset Management LLC boosted its holdings in shares of Otis Worldwide by 5.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock worth $202,000 after purchasing an additional 123 shares during the last quarter. Boyd Watterson Asset Management LLC OH lifted its position in Otis Worldwide by 4.0% during the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock worth $281,000 after buying an additional 124 shares during the period. Moors & Cabot Inc. boosted its stake in Otis Worldwide by 2.7% in the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock worth $414,000 after buying an additional 126 shares during the last quarter. Composition Wealth LLC boosted its stake in Otis Worldwide by 4.2% in the 4th quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock worth $285,000 after buying an additional 131 shares during the last quarter. Finally, Stephens Inc. AR grew its holdings in Otis Worldwide by 2.6% in the 4th quarter. Stephens Inc. AR now owns 5,222 shares of the company’s stock valued at $456,000 after buying an additional 132 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. Evercore reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Finally, Sanford C. Bernstein cut their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Four 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.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Stock Up 1.3%

Otis Worldwide stock opened at $72.42 on Thursday. Otis Worldwide Corporation has a 52-week low of $69.16 and a 52-week high of $94.57. The firm has a fifty day moving average of $72.60 and a 200-day moving average of $77.19. The firm has a market capitalization of $27.57 billion, a P/E ratio of 18.62, a PEG ratio of 2.52 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last posted its 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 business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same quarter in the previous year, the business posted $1.05 EPS. The business’s quarterly 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. On average, research analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a $0.44 dividend. 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 is presently 45.24%.

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.