Mill Capital Management LLC Grows Position in Otis Worldwide Corporation $OTIS

Mill Capital Management LLC boosted its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,923 shares of the company’s stock after acquiring an additional 14,703 shares during the period. Mill Capital Management LLC’s holdings in Otis Worldwide were worth $13,067,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth $26,000. Chilton Capital Management LLC purchased a new stake in Otis Worldwide in the second quarter valued at about $31,000. Nemes Rush Group LLC boosted its holdings 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 acquiring an additional 135 shares in the last quarter. MTM Investment Management LLC acquired a new position in shares of Otis Worldwide during the second quarter valued at about $40,000. Finally, Toth Financial Advisory Corp purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at approximately $45,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on OTIS shares. BNP Paribas upgraded shares of Otis Worldwide from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 9th. JPMorgan Chase & Co. increased their price target on shares of Otis Worldwide from $111.00 to $116.00 and gave the stock an “overweight” rating in a report on Friday. Wolfe Research set a $109.00 target price on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Finally, BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. One 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $104.13.

Otis Worldwide Stock Performance

OTIS opened at $89.70 on Tuesday. The company has a market cap of $34.96 billion, a P/E ratio of 26.52, a PEG ratio of 2.65 and a beta of 1.02. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business’s 50-day simple moving average is $88.33 and its 200-day simple moving average is $89.86.

Otis Worldwide (NYSE:OTIS) last issued 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. 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 for the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter in the previous year, the firm earned $0.96 earnings per share. The business’s quarterly 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 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. Stockholders of record on Friday, November 14th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 14th. Otis Worldwide’s payout ratio is 49.56%.

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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

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.