Otis Worldwide Corporation $OTIS Stock Position Cut by Ipswich Investment Management Co. Inc.

Ipswich Investment Management Co. Inc. trimmed its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 17.0% during the third quarter, Holdings Channel reports. The institutional investor owned 40,891 shares of the company’s stock after selling 8,395 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in Otis Worldwide were worth $3,739,000 at the end of the most recent reporting period.

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

Insider Activity

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer directly owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.1%

Shares of NYSE OTIS opened at $88.97 on Thursday. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business has a 50-day moving average price of $89.54 and a two-hundred day moving average price of $91.16. The firm has a market capitalization of $34.67 billion, a PE ratio of 26.24, a PEG ratio of 3.35 and a beta of 1.01.

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

Otis Worldwide Dividend Announcement

The business also recently declared 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 of this dividend was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio is 49.56%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OTIS. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Wells Fargo & Company dropped their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, BNP Paribas upgraded shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $103.50.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.