Eastern Bank Acquires Shares of 7,498 Otis Worldwide Co. (NYSE:OTIS)

Eastern Bank bought a new position in Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, Holdings Channel reports. The fund bought 7,498 shares of the company’s stock, valued at approximately $779,000.

A number of other hedge funds also recently made changes to their positions in OTIS. PineStone Asset Management Inc. grew its stake in shares of 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 in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Otis Worldwide by 12.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after acquiring an additional 907,972 shares during the last quarter. Sarasin & Partners LLP grew its position in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in Otis Worldwide by 2,782.3% during the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after acquiring an additional 786,897 shares during the last quarter. Finally, Swedbank AB purchased a new stake in Otis Worldwide during the first quarter valued at approximately $21,932,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OTIS has been the topic of several analyst reports. Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays raised their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $102.71.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $102.86 on Thursday. The firm’s 50 day simple moving average is $97.90 and its 200-day simple moving average is $96.70. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $106.33. The firm has a market cap of $41.20 billion, a PE ratio of 28.73 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same period last year, the business posted $0.92 EPS. Otis Worldwide’s quarterly revenue was down 3.2% on a year-over-year basis. Equities research analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

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.