Rakuten Investment Management Inc. Invests $4.65 Million in Otis Worldwide Corporation $OTIS

Rakuten Investment Management Inc. purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 63,787 shares of the company’s stock, valued at approximately $4,651,000.

A number of other institutional investors have also modified their holdings of OTIS. BlackRock Inc. acquired a new stake in Otis Worldwide during the second quarter worth about $2,264,017,000. Norges Bank acquired a new position in Otis Worldwide in the fourth quarter valued at approximately $770,125,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Otis Worldwide during the second quarter valued at approximately $423,739,000. Canada Pension Plan Investment Board bought a new position in shares of Otis Worldwide during the second quarter valued at approximately $223,003,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Otis Worldwide during the second quarter valued at approximately $196,298,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.0%

Shares of NYSE:OTIS opened at $71.77 on Monday. Otis Worldwide Corporation has a 52 week low of $69.16 and a 52 week high of $94.57. The firm has a market capitalization of $27.32 billion, a P/E ratio of 18.45, a PEG ratio of 2.53 and a beta of 0.89. The firm’s 50 day moving average is $72.54 and its two-hundred day moving average is $76.94.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $3.86 billion for 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 firm’s revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Analysts predict that Otis Worldwide Corporation will post 4.03 EPS for the current 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. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s dividend payout ratio (DPR) is 45.24%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OTIS shares. Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Evercore restated an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Sanford C. Bernstein dropped 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. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a report on Tuesday, July 28th. Four research 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. Based on data from MarketBeat.com, Otis Worldwide has a consensus 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.