Public Employees Retirement System of Ohio Acquires New Holdings in Otis Worldwide Corporation $OTIS

Public Employees Retirement System of Ohio bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 109,524 shares of the company’s stock, valued at approximately $7,842,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pinnacle Financial Partners Inc. lifted its stake in 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 buying an additional 12,721 shares in the last quarter. Capital Research Global Investors increased its position in Otis Worldwide by 0.6% during the fourth 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 in the last quarter. Banco Santander S.A. increased its position in Otis Worldwide by 1,153.2% during the second quarter. Banco Santander S.A. now owns 106,257 shares of the company’s stock worth $7,608,000 after buying an additional 97,778 shares in the last quarter. Lazard Freres Gestion S.A.S. increased its position in Otis Worldwide by 21.9% during the fourth quarter. Lazard Freres Gestion S.A.S. now owns 1,309,160 shares of the company’s stock worth $114,355,000 after buying an additional 235,316 shares in the last quarter. Finally, Alberta Investment Management Corp raised its holdings in shares of Otis Worldwide by 44.1% in the fourth quarter. Alberta Investment Management Corp now owns 170,600 shares of the company’s stock worth $14,902,000 after acquiring an additional 52,200 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Evercore restated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein decreased 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 note on Thursday, July 23rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. 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 company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.91.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $70.59 on Wednesday. The firm has a market capitalization of $26.87 billion, a PE ratio of 18.15, a P/E/G ratio of 2.50 and a beta of 0.88. The business has a 50-day moving average of $72.49 and a two-hundred day moving average of $76.67. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $94.57.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Investors of record on Friday, August 14th will be issued a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 annualized dividend and a yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.24%.

Otis Worldwide 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.