The Manufacturers Life Insurance Company Purchases New Holdings in Otis Worldwide Corporation $OTIS

The Manufacturers Life Insurance Company purchased a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 272,748 shares of the company’s stock, valued at approximately $19,529,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Otis Worldwide as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in shares of Otis Worldwide by 5.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,295 shares of the company’s stock valued at $202,000 after buying an additional 123 shares in the last quarter. Boyd Watterson Asset Management LLC OH lifted its stake in Otis Worldwide by 4.0% in the fourth quarter. Boyd Watterson Asset Management LLC OH now owns 3,217 shares of the company’s stock valued at $281,000 after acquiring an additional 124 shares during the last quarter. Moors & Cabot Inc. grew its position in shares of Otis Worldwide by 2.7% in the 4th quarter. Moors & Cabot Inc. now owns 4,741 shares of the company’s stock valued at $414,000 after acquiring an additional 126 shares during the period. Composition Wealth LLC grew its position in shares of Otis Worldwide by 4.2% in the 4th quarter. Composition Wealth LLC now owns 3,258 shares of the company’s stock valued at $285,000 after acquiring an additional 131 shares during the period. Finally, Stephens Inc. AR increased its stake in shares of Otis Worldwide by 2.6% during the 4th quarter. Stephens Inc. AR now owns 5,222 shares of the company’s stock worth $456,000 after purchasing an additional 132 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS opened at $71.47 on Friday. The firm has a market capitalization of $27.21 billion, a PE ratio of 18.37, a PEG ratio of 2.55 and a beta of 0.89. The company’s 50-day moving average is $72.57 and its 200-day moving average is $77.06. Otis Worldwide Corporation has a fifty-two week low of $69.16 and a fifty-two week high of $94.57.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.01. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. Otis Worldwide’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company 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 4.03 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, August 14th. This represents a $1.76 annualized dividend and a yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is 45.24%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a report on Tuesday, July 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Evercore reissued an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Finally, 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 report on Thursday, July 23rd. Four 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 company. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $92.91.

About Otis Worldwide

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.