Evergreen Capital Management LLC Acquires 56,122 Shares of Otis Worldwide Corporation $OTIS

Evergreen Capital Management LLC boosted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2,104.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,789 shares of the company’s stock after purchasing an additional 56,122 shares during the period. Evergreen Capital Management LLC’s holdings in Otis Worldwide were worth $5,375,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OTIS. Berkshire Money Management Inc. increased its position in shares of Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after acquiring an additional 100 shares during the last quarter. Park Avenue Securities LLC grew its stake in Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares in the last quarter. OLD National Bancorp IN raised its stake in shares of Otis Worldwide by 5.5% during the 3rd quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after purchasing an additional 118 shares in the last quarter. PFG Investments LLC boosted its holdings in shares of Otis Worldwide by 3.7% in the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after buying an additional 121 shares during the last quarter. Finally, PKS Advisory Services LLC boosted its holdings in shares of Otis Worldwide by 4.9% in the 2nd quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after buying an additional 121 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 0.2%

Otis Worldwide stock opened at $90.17 on Friday. The company has a market capitalization of $35.14 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 2.65 and a beta of 1.02. The stock’s 50 day moving average is $88.33 and its 200-day moving average is $90.00. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83.

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

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Friday, November 14th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s payout ratio is 49.56%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. BNP Paribas upgraded shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $104.13.

Insider Buying and Selling

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

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.