Blue Trust Inc. Raises Holdings in Otis Worldwide Co. (NYSE:OTIS)

Blue Trust Inc. lifted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 132.6% in the 3rd quarter, Holdings Channel reports. The firm owned 3,107 shares of the company’s stock after acquiring an additional 1,771 shares during the period. Blue Trust Inc.’s holdings in Otis Worldwide were worth $299,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. PineStone Asset Management Inc. raised its position in Otis Worldwide by 138.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after buying an additional 2,590,780 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP lifted its position in Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after purchasing an additional 883,659 shares during the period. Brown Brothers Harriman & Co. boosted its holdings in Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after purchasing an additional 786,897 shares during the last quarter. Finally, Swedbank AB bought a new stake in Otis Worldwide in the 1st quarter worth approximately $21,932,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $102.49 on Friday. The firm has a market cap of $41.05 billion, a price-to-earnings ratio of 28.63 and a beta of 1.03. The firm has a fifty day moving average price of $98.11 and a 200 day moving average price of $96.75. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.92 earnings per share. As a group, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Barclays increased their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Morgan Stanley began coverage on Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus target price of $102.71.

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.