Values First Advisors Inc. Purchases New Position in Otis Worldwide Co. (NYSE:OTIS)

Values First Advisors Inc. acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,654 shares of the company’s stock, valued at approximately $172,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB grew its stake in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing an additional 75,878 shares during the period. First Eagle Investment Management LLC grew its position in shares of Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after buying an additional 12,722 shares during the period. Appian Way Asset Management LP bought a new position in shares of Otis Worldwide in the 2nd quarter worth about $991,000. Cetera Investment Advisers lifted its position in Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Otis Worldwide by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock worth $100,181,000 after acquiring an additional 9,145 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on OTIS shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. 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. Barclays raised 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. Finally, Wells Fargo & Company upped their price target 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. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $102.71.

Otis Worldwide Price Performance

OTIS stock opened at $101.26 on Friday. The stock has a market capitalization of $40.94 billion, a P/E ratio of 29.27 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $75.16 and a 1-year high of $106.33. The business has a fifty day moving average price of $98.48 and a 200-day moving average price of $96.81.

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