Ethic Inc. reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 24.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,857 shares of the company's stock after selling 16,545 shares during the period. Ethic Inc.'s holdings in Otis Worldwide were worth $5,061,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock valued at $3,913,347,000 after buying an additional 2,396,134 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Otis Worldwide by 1.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company's stock valued at $3,269,000 after buying an additional 371 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in Otis Worldwide by 64.8% during the first quarter. Golden State Wealth Management LLC now owns 613 shares of the company's stock valued at $63,000 after buying an additional 241 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Otis Worldwide by 3.1% during the first quarter. Principal Financial Group Inc. now owns 476,961 shares of the company's stock valued at $49,222,000 after buying an additional 14,413 shares in the last quarter. Finally, Lifeworks Advisors LLC increased its stake in shares of Otis Worldwide by 5.9% in the first quarter. Lifeworks Advisors LLC now owns 56,115 shares of the company's stock worth $5,791,000 after purchasing an additional 3,105 shares during the period. 88.03% of the stock is currently owned by institutional investors.
Otis Worldwide Stock Up 1.8%
Shares of OTIS opened at $93.02 on Friday. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm has a market capitalization of $36.51 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 3.59 and a beta of 1.00. The stock's 50-day moving average price is $89.28 and its 200 day moving average price is $93.15.
Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly 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. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the previous year, the company posted $1.06 earnings per share. The company's quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.
Analyst Ratings Changes
OTIS has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an "outperform" rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $105.00 to $111.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 15th. Weiss Ratings reissued a "hold (c+)" rating on shares of Otis Worldwide in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective for the company. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $104.63.
Check Out Our Latest Report on Otis Worldwide
Otis Worldwide Profile
(
Free Report)
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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