Wellington Management Group LLP Trims Stock Holdings in Otis Worldwide Corporation $OTIS

Wellington Management Group LLP decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 5.3% during the second quarter, HoldingsChannel reports. The fund owned 3,335,941 shares of the company’s stock after selling 185,520 shares during the quarter. Wellington Management Group LLP’s holdings in Otis Worldwide were worth $238,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pinnacle Financial Partners Inc. raised its holdings in shares of Otis Worldwide by 19.6% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 77,492 shares of the company’s stock valued at $7,085,000 after acquiring an additional 12,721 shares in the last quarter. Capital Research Global Investors increased its holdings in shares of Otis Worldwide by 0.6% in the 4th quarter. Capital Research Global Investors now owns 2,843,926 shares of the company’s stock worth $248,417,000 after buying an additional 18,189 shares during the last quarter. Banco Santander S.A. raised its position in shares of Otis Worldwide by 1,153.2% during the 2nd quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock valued at $7,608,000 after buying an additional 97,778 shares in the last quarter. Lazard Freres Gestion S.A.S. lifted its holdings in shares of Otis Worldwide by 21.9% during the 4th quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock worth $114,355,000 after acquiring an additional 235,316 shares during the last quarter. Finally, Danske Bank A S grew its position in Otis Worldwide by 13.3% in the fourth quarter. Danske Bank A S now owns 225,994 shares of the company’s stock worth $19,741,000 after acquiring an additional 26,500 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Evercore reiterated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Sanford C. Bernstein reduced their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Finally, Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a research note on Monday, August 10th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Stock Up 0.0%

NYSE OTIS opened at $71.77 on Monday. The company has a 50-day simple moving average of $72.54 and a two-hundred day simple moving average of $76.94. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The firm has a market cap of $27.32 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 2.53 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data 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 firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the previous year, the business earned $1.05 earnings per share. The company’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. Equities analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared 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 of this dividend is Friday, August 14th. Otis Worldwide’s payout ratio is 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.