Court Place Advisors LLC Cuts Position in Otis Worldwide Co. (NYSE:OTIS)

Court Place Advisors LLC lowered its holdings in Otis Worldwide Co. (NYSE:OTIS) by 6.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,522 shares of the company’s stock after selling 188 shares during the period. Court Place Advisors LLC’s holdings in Otis Worldwide were worth $262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Riverview Trust Co purchased a new stake in Otis Worldwide in the third quarter worth $25,000. Meeder Asset Management Inc. lifted its holdings in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. boosted its position in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at approximately $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $0.19 during mid-day trading on Friday, hitting $102.68. 89,489 shares of the company traded hands, compared to its average volume of 2,098,591. The stock has a fifty day moving average price of $98.30 and a 200-day moving average price of $96.79. The stock has a market cap of $41.52 billion, a price-to-earnings ratio of 29.62 and a beta of 1.03. Otis Worldwide Co. has a one year low of $75.16 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period in the previous year, the business earned $0.92 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. Sell-side analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Analysts Set New Price Targets

OTIS has been the subject of a number of recent research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lifted their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. 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 upped their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus price target 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.