HM Payson & Co. Has $6.01 Million Holdings in Otis Worldwide Corporation $OTIS

HM Payson & Co. lessened its position in Otis Worldwide Corporation (NYSE:OTIS) by 15.4% in the 3rd quarter, Holdings Channel reports. The fund owned 65,726 shares of the company’s stock after selling 12,010 shares during the period. HM Payson & Co.’s holdings in Otis Worldwide were worth $6,009,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide in the second quarter worth $31,000. Nemes Rush Group LLC lifted its stake in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares in the last quarter. Flaharty Asset Management LLC acquired a new stake in Otis Worldwide during the 1st quarter worth about $38,000. MTM Investment Management LLC purchased a new position in Otis Worldwide during the 2nd quarter valued at about $40,000. Finally, Toth Financial Advisory Corp purchased a new position in Otis Worldwide during the 2nd quarter valued at about $45,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Down 0.3%

NYSE:OTIS opened at $87.61 on Monday. The company’s 50 day moving average is $89.14 and its 200-day moving average is $90.76. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The firm has a market cap of $34.14 billion, a price-to-earnings ratio of 25.84, a P/E/G ratio of 3.34 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.05. The business had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. Otis Worldwide’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business posted $0.96 EPS. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Stockholders of record on Friday, November 14th were paid a $0.42 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio (DPR) is presently 49.56%.

Wall Street Analyst Weigh In

Several analysts recently commented on OTIS shares. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. Wells Fargo & Company lowered their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $103.50.

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.