Employees Retirement System of Texas Purchases Shares of 26,456 Otis Worldwide Corporation $OTIS

Employees Retirement System of Texas acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 26,456 shares of the company’s stock, valued at approximately $2,620,000.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Otis Worldwide by 1.2% during the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after buying an additional 129,458 shares during the last quarter. PineStone Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after buying an additional 543,933 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Otis Worldwide by 11.9% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,632,335 shares of the company’s stock valued at $458,694,000 after buying an additional 494,259 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer directly owned 2,628 shares of the company’s stock, valued at $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OTIS shares. Barclays boosted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Tuesday. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Finally, Wells Fargo & Company lifted their price target on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $103.71.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $88.68 on Thursday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The stock has a market capitalization of $34.56 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 3.37 and a beta of 1.00. The company has a 50-day simple moving average of $90.39 and a 200-day simple moving average of $92.14.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the firm posted $0.96 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, November 14th. Otis Worldwide’s dividend payout ratio is 49.56%.

Otis Worldwide 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.