Procyon Advisors LLC Acquires 6,478 Shares of Otis Worldwide Corporation $OTIS

Procyon Advisors LLC lifted its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 76.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,945 shares of the company’s stock after purchasing an additional 6,478 shares during the period. Procyon Advisors LLC’s holdings in Otis Worldwide were worth $1,366,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide in the second quarter worth about $721,614,000. Marshall Wace LLP raised its stake in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after acquiring an additional 1,991,860 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Otis Worldwide in the 2nd quarter worth approximately $114,319,000. Finally, Canoe Financial LP boosted its position in Otis Worldwide by 64.0% during the third quarter. Canoe Financial LP now owns 2,411,956 shares of the company’s stock worth $220,525,000 after purchasing an additional 940,862 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. BNP Paribas Exane upgraded shares of 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. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $103.50.

Otis Worldwide Trading Up 0.4%

Shares of OTIS stock opened at $90.29 on Friday. The firm has a market capitalization of $35.19 billion, a P/E ratio of 26.64, a price-to-earnings-growth ratio of 2.64 and a beta of 1.02. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The firm’s fifty day simple moving average is $88.35 and its 200 day simple moving average is $90.13.

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 the consensus estimate 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 analyst estimates of $3.65 billion. During the same period last year, the business posted $0.96 EPS. The business’s quarterly revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

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

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is owned by corporate insiders.

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.