Lazard Freres Gestion S.A.S. Boosts Stake in Otis Worldwide Corporation $OTIS

Key Points

• Lazard Freres Gestion S.A.S. increased its holdings in Otis Worldwide Corporation by 17.1%, now owning approximately 913,753 shares worth about $90.5 million.
• Currently, institutional investors account for 88.03% of the stock ownership in Otis, indicating strong institutional confidence.
• Several analysts have updated their target prices for Otis Worldwide, with an average target now at $104.63, and the stock is rated primarily as a "Hold."

Lazard Freres Gestion S.A.S. raised its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 17.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 913,753 shares of the company's stock after acquiring an additional 133,473 shares during the quarter. Otis Worldwide makes up 2.2% of Lazard Freres Gestion S.A.S.'s portfolio, making the stock its 14th biggest holding. Lazard Freres Gestion S.A.S. owned approximately 0.23% of Otis Worldwide worth $90,479,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new stake in Otis Worldwide during the first quarter worth about $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth $31,000. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth $38,000. Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide in the second quarter worth $45,000. Finally, Ransom Advisory Ltd purchased a new stake in shares of Otis Worldwide during the first quarter worth $48,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Wells Fargo & Company raised their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a report on Monday, October 6th. Morgan Stanley lifted their target price 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. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Finally, Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $104.63.

Otis Worldwide Stock Up 1.8%

OTIS stock opened at $93.02 on Friday. The business's fifty day moving average is $89.28 and its 200-day moving average is $93.15. The company has a market cap of $36.51 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83.

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

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