The Manufacturers Life Insurance Company Sells 14,257 Shares of Otis Worldwide Corporation $OTIS

The Manufacturers Life Insurance Company lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 5.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,748 shares of the company’s stock after selling 14,257 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.07% of Otis Worldwide worth $19,529,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in OTIS. California State Teachers Retirement System raised its position in Otis Worldwide by 7,150.9% during the second quarter. California State Teachers Retirement System now owns 45,473,804 shares of the company’s stock valued at $3,255,924,000 after purchasing an additional 44,846,653 shares during the period. BlackRock Inc. purchased a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $2,264,017,000. State Street Corp boosted its holdings in shares of Otis Worldwide by 0.8% in the 4th quarter. State Street Corp now owns 16,128,197 shares of the company’s stock worth $1,408,798,000 after purchasing an additional 121,207 shares during the period. Geode Capital Management LLC increased its position in shares of Otis Worldwide by 0.3% during 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. Finally, Norges Bank bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $770,125,000. 88.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on OTIS shares. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein dropped their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. 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, August 10th. Finally, Evercore restated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a 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 assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $69.07 on Friday. The stock has a 50 day moving average price of $72.10 and a 200 day moving average price of $75.57. Otis Worldwide Corporation has a 52-week low of $67.64 and a 52-week high of $94.57. The firm has a market capitalization of $26.29 billion, a P/E ratio of 17.76, a P/E/G ratio of 2.43 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting the consensus estimate of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The company had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the prior year, the company posted $1.05 EPS. Otis Worldwide’s quarterly 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. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 11th. Stockholders of record on Friday, August 14th were issued a $0.44 dividend. The ex-dividend date was 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 is presently 45.24%.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.