Canada Pension Plan Investment Board Takes $223 Million Position in Otis Worldwide Corporation $OTIS

Canada Pension Plan Investment Board bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, Holdings Channel reports. The fund bought 3,114,562 shares of the company’s stock, valued at approximately $223,003,000.

Other hedge funds also recently made changes to their positions in the company. Camelot Portfolios LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $26,000. Garton & Associates Financial Advisors LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at $27,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Otis Worldwide during the fourth quarter valued at $33,000. Reflection Asset Management bought a new position in Otis Worldwide during the fourth quarter valued at $34,000. Finally, MidFirst Bank bought a new position in Otis Worldwide during the fourth quarter valued at $35,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 0.9%

Shares of OTIS opened at $71.56 on Wednesday. Otis Worldwide Corporation has a twelve month low of $69.16 and a twelve month high of $94.57. The company has a market cap of $27.24 billion, a P/E ratio of 18.40, a P/E/G ratio of 2.54 and a beta of 0.89. The company’s fifty day simple moving average is $72.61 and its 200-day simple moving average is $77.32.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The firm 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%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period 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 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date of this dividend 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 presently 45.24%.

Analysts Set New Price Targets

OTIS has been the topic of a number of research reports. Sanford C. Bernstein reduced their target price on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Evercore reaffirmed an “outperform” rating and issued 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 target on Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.