Van ECK Associates Corp Grows Stock Holdings in Otis Worldwide Corporation $OTIS

Van ECK Associates Corp grew its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 0.6% during the second quarter, HoldingsChannel.com reports. The fund owned 3,993,011 shares of the company’s stock after purchasing an additional 24,914 shares during the quarter. Van ECK Associates Corp’s holdings in Otis Worldwide were worth $285,900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Otis Worldwide in the second quarter worth about $2,264,017,000. State Street Corp raised its holdings in shares of Otis Worldwide by 0.8% during the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock valued at $1,408,798,000 after buying an additional 121,207 shares during the period. Geode Capital Management LLC lifted its position in Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after acquiring an additional 29,636 shares in the last quarter. Norges Bank purchased a new position in Otis Worldwide in the 4th quarter worth approximately $770,125,000. Finally, Franklin Resources Inc. boosted its holdings in Otis Worldwide by 5.7% in the 4th quarter. Franklin Resources Inc. now owns 7,842,153 shares of the company’s stock worth $685,012,000 after acquiring an additional 422,519 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

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

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $71.77 on Friday. The firm has a market cap of $27.32 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 2.52 and a beta of 0.89. The firm’s 50-day simple moving average is $72.54 and its 200-day simple moving average is $77.02. Otis Worldwide Corporation has a 1 year low of $69.16 and a 1 year high of $94.57.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The business had revenue of $3.86 billion during 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 revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $1.05 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, equities analysts predict that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

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 issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, August 14th. Otis Worldwide’s payout ratio is 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.