Otis Worldwide Corporation $OTIS Shares Purchased by R Squared Ltd

Key Points

• R Squared Ltd increased its stake in Otis Worldwide Corporation by 131.0% during the 2nd quarter, now owning 11,178 shares valued at approximately $1.1 million.
• Research analysts have provided a range of ratings for Otis Worldwide, with the average recommendation labeled as "Hold" and a target price of $104.63.
• Otis Worldwide reported earnings of $1.05 per share for the last quarter, exceeding estimates but showing a slight revenue decline compared to the previous year.

R Squared Ltd lifted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 131.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,178 shares of the company's stock after purchasing an additional 6,338 shares during the period. R Squared Ltd's holdings in Otis Worldwide were worth $1,107,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Carnegie Investment Counsel lifted its holdings in shares of Otis Worldwide by 1.0% in the 2nd quarter. Carnegie Investment Counsel now owns 195,437 shares of the company's stock worth $19,352,000 after purchasing an additional 1,964 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in Otis Worldwide by 2.3% in the 2nd quarter. Rehmann Capital Advisory Group now owns 6,983 shares of the company's stock valued at $692,000 after purchasing an additional 159 shares during the last quarter. Parcion Private Wealth LLC acquired a new stake in shares of Otis Worldwide in the second quarter valued at approximately $239,000. Cookson Peirce & Co. Inc. bought a new position in Otis Worldwide in the 2nd quarter worth approximately $644,000. Finally, Brookstone Capital Management raised its stake in Otis Worldwide by 1.5% during the 2nd quarter. Brookstone Capital Management now owns 40,879 shares of the company's stock valued at $4,048,000 after acquiring an additional 609 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on OTIS shares. Zacks Research raised Otis Worldwide from a "strong sell" rating to a "hold" rating in a report on Tuesday, October 14th. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an "outperform" rating in a research note on Wednesday, October 8th. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. Weiss Ratings restated a "hold (c+)" rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $104.63.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $93.02 on Friday. The stock's fifty day simple moving average is $89.28 and its 200 day simple moving average is $93.15. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The firm has a market cap 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.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.06 EPS. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.04 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.

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