AlphaQuest LLC Sells 4,564 Shares of Otis Worldwide Corporation $OTIS

Key Points

• AlphaQuest LLC reduced its holdings in Otis Worldwide Corporation by 13.8%, selling 4,564 shares and holding a total of 28,443 shares worth approximately $2.8 million.
• Institutional investors own 88.03% of Otis Worldwide's stock, with Vanguard Group Inc. and JPMorgan Chase & Co. making significant increases in their holdings during recent quarters.
• Otis Worldwide recently reported earnings of $1.05 per share, exceeding analysts' expectations, despite a slight year-over-year revenue decline of 0.2% and a forecasted EPS of 4.04 for the current year.

AlphaQuest LLC lowered its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 28,443 shares of the company's stock after selling 4,564 shares during the period. Otis Worldwide comprises about 0.3% of AlphaQuest LLC's investment portfolio, making the stock its 27th biggest position. AlphaQuest LLC's holdings in Otis Worldwide were worth $2,816,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after acquiring an additional 1,591,450 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after acquiring an additional 2,396,134 shares during the period. PineStone Asset Management Inc. lifted its position in Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock valued at $459,360,000 after acquiring an additional 543,933 shares during the period. Invesco Ltd. increased its stake in Otis Worldwide by 4.7% during the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock valued at $437,424,000 after purchasing an additional 190,397 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after purchasing an additional 571,489 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.6%

Shares of NYSE OTIS opened at $92.40 on Friday. The firm has a 50 day moving average of $89.28 and a 200 day moving average of $93.15. The firm has a market capitalization of $36.27 billion, a price-to-earnings ratio of 24.44, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm's quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.06 earnings per share. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on OTIS shares. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an "outperform" rating in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target for the company. Zacks Research upgraded shares of Otis Worldwide from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 14th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $104.63.

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.

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