Anchor Capital Advisors LLC Purchases 479,265 Shares of Otis Worldwide Corporation $OTIS

Anchor Capital Advisors LLC boosted its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 579.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 561,997 shares of the company’s stock after purchasing an additional 479,265 shares during the period. Otis Worldwide comprises approximately 1.5% of Anchor Capital Advisors LLC’s holdings, making the stock its 19th largest holding. Anchor Capital Advisors LLC owned about 0.14% of Otis Worldwide worth $51,383,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter worth about $26,000. Chilton Capital Management LLC purchased a new position in shares of Otis Worldwide during the second quarter valued at about $31,000. Nemes Rush Group LLC raised its stake in Otis Worldwide by 75.4% in 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. Rakuten Investment Management Inc. purchased a new stake in Otis Worldwide in the third quarter worth about $31,000. Finally, MTM Investment Management LLC bought a new stake in Otis Worldwide during the 2nd quarter valued at approximately $40,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 2.4%

NYSE OTIS opened at $88.03 on Wednesday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock’s fifty day moving average price is $88.29 and its 200-day moving average price is $89.78. The stock has a market cap of $34.31 billion, a P/E ratio of 25.97, a P/E/G ratio of 2.65 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last announced 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 company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the previous year, the business posted $0.96 EPS. Otis Worldwide’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. As a group, analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insider Activity at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at $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 available at the SEC website. 0.23% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OTIS. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research report on Tuesday, December 9th. Barclays upped their price target on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research note on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. One research 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $104.13.

About Otis Worldwide

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.