HM Payson & Co. Has $11.05 Million Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

HM Payson & Co. trimmed its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 81.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,067 shares of the company's stock after selling 460,933 shares during the quarter. HM Payson & Co.'s holdings in Otis Worldwide were worth $11,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Transce3nd LLC purchased a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $25,000. NBC Securities Inc. acquired a new position in Otis Worldwide in the first quarter worth approximately $25,000. Aster Capital Management DIFC Ltd acquired a new position in Otis Worldwide in the fourth quarter worth approximately $28,000. Wayfinding Financial LLC acquired a new position in Otis Worldwide in the first quarter worth approximately $31,000. Finally, Flagship Wealth Advisors LLC acquired a new position in Otis Worldwide in the fourth quarter worth approximately $34,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on OTIS shares. Wells Fargo & Company increased their price objective on Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Royal Bank Of Canada dropped their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and an average price target of $101.43.

Otis Worldwide Stock Down 0.3%

Shares of NYSE:OTIS traded down $0.29 during trading on Friday, reaching $99.51. The stock had a trading volume of 1,052,322 shares, compared to its average volume of 2,332,362. Otis Worldwide Corporation has a 52 week low of $89.70 and a 52 week high of $106.83. The firm has a market capitalization of $39.27 billion, a price-to-earnings ratio of 26.12 and a beta of 0.98. The stock has a fifty day simple moving average of $96.70 and a two-hundred day simple moving average of $96.82.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The company's quarterly revenue was down 2.5% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date was Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.69%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Otis Worldwide 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.