Otis Worldwide Corporation $OTIS Stock Holdings Cut by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel cut its Otis Worldwide stake by 78.2% in the third quarter, selling 76,452 shares and retaining 21,328 shares worth approximately $1.37 million.
• Other institutional investors generally increased their positions, and institutions collectively own 88.03% of OTIS shares.
• OTIS stock traded up 4.6% to $75.68. The company matched quarterly EPS estimates at $1.01, exceeded revenue expectations with $3.86 billion, and analysts maintained a consensus “Hold” rating with a $91 price target.

Carnegie Investment Counsel reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 78.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,328 shares of the company's stock after selling 76,452 shares during the quarter. Carnegie Investment Counsel's holdings in Otis Worldwide were worth $1,372,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of OTIS. Nisa Investment Advisors LLC increased its position in shares of Otis Worldwide by 0.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 87,263 shares of the company's stock valued at $5,613,000 after buying an additional 697 shares in the last quarter. Diversify Advisory Services LLC raised its stake in Otis Worldwide by 1.2% during the 3rd quarter. Diversify Advisory Services LLC now owns 16,436 shares of the company's stock worth $1,157,000 after buying an additional 192 shares during the period. Louisbourg Investments Inc. lifted its holdings in Otis Worldwide by 29.4% during the third quarter. Louisbourg Investments Inc. now owns 133,325 shares of the company's stock worth $8,575,000 after acquiring an additional 30,258 shares in the last quarter. Revisor Wealth Management LLC lifted its holdings in Otis Worldwide by 27.7% during the third quarter. Revisor Wealth Management LLC now owns 12,713 shares of the company's stock worth $864,000 after acquiring an additional 2,761 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG lifted its holdings in Otis Worldwide by 154.6% during the third quarter. Bank Pictet & Cie Europe AG now owns 32,851 shares of the company's stock worth $2,113,000 after acquiring an additional 19,947 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Trading Up 4.6%

OTIS stock opened at $75.68 on Friday. The stock has a 50-day moving average price of $69.29 and a two-hundred day moving average price of $72.28. The stock has a market cap of $28.81 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 2.54 and a beta of 0.87. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.76 billion. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%. The company's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the business posted $1.05 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

OTIS has been the subject of several recent analyst reports. Royal Bank Of Canada set a $90.00 price target on Otis Worldwide in a report on Tuesday, July 28th. Evercore reiterated an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research report on Monday, August 10th. Wells Fargo & Company started coverage on Otis Worldwide in a research report on Thursday, September 24th. They issued an "underweight" rating and a $77.00 price objective for the company. Finally, Sanford C. Bernstein reissued an "outperform" rating on shares of Otis Worldwide in a research note on Monday, September 21st. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $91.00.

About Otis Worldwide

Otis Worldwide Corporation NYSE: OTIS is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.

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