Legal & General Group Plc Makes New $177.51 Million Investment in Otis Worldwide Corporation $OTIS

Legal & General Group Plc acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) during the second quarter, according to its most recent filing with the SEC. The firm acquired 2,479,254 shares of the company’s stock, valued at approximately $177,515,000.

Several other hedge funds have also recently made changes to their positions in OTIS. Camelot Portfolios LLC bought a new stake in Otis Worldwide in the fourth quarter valued at $26,000. Garton & Associates Financial Advisors LLC purchased a new position in Otis Worldwide during the 4th quarter valued at $27,000. MidFirst Bank bought a new position in Otis Worldwide in the 2nd quarter worth $28,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Otis Worldwide in the 2nd quarter worth about $28,000. Finally, Elevation Wealth Partners LLC lifted its position in shares of Otis Worldwide by 1,910.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after purchasing an additional 382 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the topic of a number of research reports. Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Evercore restated an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Sanford C. Bernstein reduced their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $92.91.

Otis Worldwide Price Performance

NYSE:OTIS opened at $72.42 on Thursday. The firm’s 50-day moving average price is $72.60 and its 200-day moving average price is $77.19. The company has a market capitalization of $27.57 billion, a PE ratio of 18.62, a P/E/G ratio of 2.52 and a beta of 0.89. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $94.57.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.76 billion. During the same period last year, the company posted $1.05 EPS. Otis Worldwide’s revenue was up 7.3% on a year-over-year basis. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. Equities analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business 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. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 14th. Otis Worldwide’s payout ratio is currently 45.24%.

Otis Worldwide 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.