Public Employees Retirement System of Ohio Has $12.42 Million Stock Holdings in Otis Worldwide Corporation $OTIS

Public Employees Retirement System of Ohio cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,465 shares of the company’s stock after selling 1,996 shares during the period. Public Employees Retirement System of Ohio’s holdings in Otis Worldwide were worth $12,424,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. raised its holdings in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares in the last quarter. Nuveen LLC acquired a new position in Otis Worldwide in the 1st quarter valued at $91,989,000. GAMMA Investing LLC raised its holdings in Otis Worldwide by 12,162.8% in the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company’s stock valued at $84,701,000 after acquiring an additional 814,057 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after acquiring an additional 571,489 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on OTIS. Barclays lowered their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 price target for the company. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $93.00 and set an “equal weight” rating for the company in a report on Thursday, July 24th. Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $101.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, September 18th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $103.00.

Otis Worldwide Stock Up 1.0%

Shares of OTIS stock opened at $90.33 on Friday. The firm has a market capitalization of $35.45 billion, a P/E ratio of 23.90, a P/E/G ratio of 4.30 and a beta of 0.98. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock’s fifty day simple moving average is $88.29 and its 200 day simple moving average is $94.46.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s payout ratio is currently 44.44%.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.