Handelsbanken Fonder AB Grows Stake in Otis Worldwide Corporation $OTIS

Handelsbanken Fonder AB increased its position in Otis Worldwide Corporation (NYSE:OTIS) by 6.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 226,957 shares of the company’s stock after acquiring an additional 13,426 shares during the period. Handelsbanken Fonder AB owned about 0.06% of Otis Worldwide worth $16,250,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Pinnacle Financial Partners Inc. grew its holdings in shares of 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 during the period. Capital Research Global Investors raised its stake in Otis Worldwide by 0.6% during the 4th 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 during the period. Lazard Freres Gestion S.A.S. lifted its holdings 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 acquiring an additional 235,316 shares in the last quarter. Danske Bank A S lifted its holdings in Otis Worldwide by 13.3% during the fourth quarter. Danske Bank A S now owns 225,994 shares of the company’s stock worth $19,741,000 after acquiring an additional 26,500 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in Otis Worldwide by 49.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 133,529 shares of the company’s stock valued at $11,664,000 after acquiring an additional 44,272 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.1%

Shares of NYSE OTIS opened at $73.84 on Thursday. Otis Worldwide Corporation has a 12 month low of $69.16 and a 12 month high of $94.57. The stock has a 50 day moving average of $72.43 and a 200-day moving average of $78.38. The company has a market capitalization of $28.11 billion, a P/E ratio of 18.98, a P/E/G ratio of 2.58 and a beta of 0.89.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Analysts predict that Otis Worldwide Corporation will post 4.02 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, August 14th. Otis Worldwide’s dividend payout ratio is presently 45.24%.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several research reports. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a research note on Monday. Evercore reiterated an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a report on Thursday, July 23rd. Finally, Barclays dropped their price target on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating on the stock in a research note on Thursday, April 23rd. Four 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. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Company 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.