Foyston Gordon & Payne Inc Takes Position in Otis Worldwide Corporation $OTIS

Foyston Gordon & Payne Inc bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, Holdings Channel reports. The fund bought 183,616 shares of the company’s stock, valued at approximately $13,147,000. Otis Worldwide makes up 2.8% of Foyston Gordon & Payne Inc’s holdings, making the stock its 10th biggest position.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on OTIS shares. Evercore reaffirmed an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research note on Tuesday, July 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Morgan Stanley set a $75.00 target price on shares of Otis Worldwide in a report on Monday, August 10th. Finally, Sanford C. Bernstein dropped their price target on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $92.91.

Otis Worldwide Trading Down 0.2%

Shares of OTIS opened at $71.65 on Friday. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The firm has a market capitalization of $27.28 billion, a P/E ratio of 18.42, a PEG ratio of 2.52 and a beta of 0.89. The firm’s 50-day moving average is $72.64 and its two-hundred day moving average is $77.62.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting the consensus estimate of $1.01. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates 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 in the previous year, the company earned $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 EPS 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 given a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.5%. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.24%.

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.