New England Research & Management Inc. Makes New Investment in Otis Worldwide Corporation $OTIS

New England Research & Management Inc. acquired a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,575 shares of the company’s stock, valued at approximately $1,333,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Chilton Capital Management LLC purchased a new stake in Otis Worldwide in the 2nd quarter worth $31,000. Nemes Rush Group LLC grew its position in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the period. Flaharty Asset Management LLC purchased a new stake in shares of Otis Worldwide during the first quarter worth about $38,000. MTM Investment Management LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth about $40,000. Finally, Toth Financial Advisory Corp acquired a new position in shares of Otis Worldwide during the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 0.5%

Otis Worldwide stock opened at $88.60 on Tuesday. The company has a 50-day moving average price of $89.64 and a 200 day moving average price of $91.23. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock has a market cap of $34.53 billion, a P/E ratio of 26.13, a PEG ratio of 3.36 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 for the quarter, beating the consensus estimate of $1.00 by $0.05. The company 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.96 EPS. 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 EPS for the current year.

Otis Worldwide Dividend Announcement

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

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Wall Street Zen upgraded Otis Worldwide from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 8th. BNP Paribas upgraded Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 9th. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $103.50.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of Otis Worldwide stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the sale, the chief accounting officer owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is currently owned by company insiders.

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.