Shelter Mutual Insurance Co Takes $2.23 Million Position in Otis Worldwide Corporation $OTIS

Shelter Mutual Insurance Co bought a new stake in Otis Worldwide Corporation (NYSE:OTIS – Free Report) during the second quarter, Holdings Channel.com reports. The firm bought 31,200 shares of the company’s stock, valued at approximately $2,234,000.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Keating Financial Advisory Services Inc. bought a new position in shares of Otis Worldwide in the second quarter valued at approximately $29,000. Allworth Financial LP acquired a new stake in shares of Otis Worldwide during the 2nd quarter valued at $3,121,000. B. Metzler seel. Sohn & Co. AG acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at $3,023,000. Shelter Ins Retirement Plan purchased a new position in Otis Worldwide in the 2nd quarter worth about $1,145,600,000. Finally, Mystic Asset Management Inc. purchased a new position in shares of Otis Worldwide in the second quarter worth approximately $229,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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Otis Worldwide Trading Down 0.2%

OTIS opened at $71.65 on Friday. The stock has a market cap of $27.28 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 2.53 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. The stock has a fifty day moving average price of $72.64 and a 200 day moving average price of $77.62.

Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, hitting 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 analyst estimates of $3.76 billion. During the same period in the prior year, the firm posted $1.05 EPS. The business’s revenue was up 7.3% compared to the same quarter last year. 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 4.02 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. Investors of record on Friday, August 14th will be issued a $0.44 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a yield of 2.5%. Otis Worldwide’s dividend payout ratio is currently 45.24%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OTIS. Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Sanford C. Bernstein lowered their price objective on shares of Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Evercore reissued an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Finally, Morgan Stanley set a $75.00 price target on Otis Worldwide in a report on Monday, August 10th. Four equities 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.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $92.91.

Read Our Latest Stock Report on Otis Worldwide

Otis Worldwide Company Profile

(Free Report)

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.

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