Otis Worldwide Corporation $OTIS Shares Purchased by Saudi Central Bank

Saudi Central Bank increased its stake in Otis Worldwide Corporation (NYSE:OTIS) by 89.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 27,209 shares of the company’s stock after acquiring an additional 12,824 shares during the quarter. Saudi Central Bank’s holdings in Otis Worldwide were worth $1,948,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Garton & Associates Financial Advisors LLC purchased a new position in Otis Worldwide during the fourth quarter valued at $27,000. Orion Capital Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth about $27,000. Reflection Asset Management acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $34,000. MidFirst Bank acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $35,000. Finally, Mowery & Schoenfeld Wealth Management LLC purchased a new position in Otis Worldwide in the 2nd quarter valued at about $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on OTIS. Sanford C. Bernstein cut their price objective on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note 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. Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Trading Down 0.0%

Otis Worldwide stock opened at $71.19 on Tuesday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $94.57. The stock has a market cap of $27.10 billion, a P/E ratio of 18.30, a PEG ratio of 2.51 and a beta of 0.88. The company has a 50-day moving average price of $72.34 and a 200 day moving average price of $76.12.

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 company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period in the previous year, the business posted $1.05 EPS. Otis Worldwide’s 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. As a group, analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s payout ratio 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.