Hartford Funds Management Co LLC Has $47,000 Stock Holdings in Otis Worldwide Corporation $OTIS

Hartford Funds Management Co LLC reduced its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 96.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 478 shares of the company’s stock after selling 14,243 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Otis Worldwide were worth $47,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cheviot Value Management LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter worth about $31,000. Chilton Capital Management LLC bought a new stake in Otis Worldwide during the 2nd quarter worth approximately $31,000. Flaharty Asset Management LLC purchased a new stake in shares of Otis Worldwide in the first quarter worth approximately $38,000. Toth Financial Advisory Corp bought a new position in shares of Otis Worldwide in the second quarter valued at approximately $45,000. Finally, Ransom Advisory Ltd bought a new position in shares of Otis Worldwide in the first quarter valued at approximately $48,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OTIS. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a “hold” rating and a $109.00 price target for the company. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. increased their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $104.88.

Insider Activity at Otis Worldwide

In other 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 completion of the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This represents a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Performance

OTIS opened at $91.09 on Monday. Otis Worldwide Corporation has a fifty-two week low of $84.25 and a fifty-two week high of $106.83. The firm has a 50-day moving average of $90.17 and a 200 day moving average of $92.78. The firm has a market cap of $35.50 billion, a P/E ratio of 26.87, a PEG ratio of 3.47 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share for the quarter, beating 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 firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.65 billion. During the same period in the previous year, the company earned $0.96 earnings per share. The company’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 predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s dividend payout ratio is currently 49.56%.

Otis Worldwide Company Profile

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.