Sumitomo Mitsui Trust Group Inc. Acquires 10,053 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Otis Worldwide by 1.1%, acquiring 10,053 additional shares to total 936,593 shares valued at approximately $92.7 million.
• Analysts hold mixed views on Otis Worldwide, with a consensus rating of Hold and a target price averaging $104.63, while recent price targets vary between $90.00 and $111.00.
• Otis Worldwide's earnings report showed a net margin of 10.68% with earnings per share of $1.05, slightly above analysts' expectations, despite a 0.2% year-over-year decrease in revenue.

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 936,593 shares of the company's stock after buying an additional 10,053 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of Otis Worldwide worth $92,741,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OTIS. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Otis Worldwide by 1.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company's stock worth $3,269,000 after purchasing an additional 371 shares during the last quarter. Golden State Wealth Management LLC increased its stake in shares of Otis Worldwide by 64.8% in the first quarter. Golden State Wealth Management LLC now owns 613 shares of the company's stock worth $63,000 after buying an additional 241 shares during the period. Principal Financial Group Inc. raised its holdings in Otis Worldwide by 3.1% during the 1st 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 during the last quarter. Finally, Lifeworks Advisors LLC boosted its position in Otis Worldwide by 5.9% during the 1st quarter. Lifeworks Advisors LLC now owns 56,115 shares of the company's stock valued at $5,791,000 after buying an additional 3,105 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the subject of several recent analyst reports. Royal Bank Of Canada lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 price objective for the company. Zacks Research raised Otis Worldwide from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 14th. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $105.00 to $111.00 and gave the company an "overweight" rating in a report on Wednesday, October 15th. Finally, Barclays cut their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. 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. According to data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $104.63.

Otis Worldwide Stock Down 1.1%

NYSE OTIS opened at $91.91 on Friday. The firm has a market capitalization of $36.07 billion, a PE ratio of 24.31, a P/E/G ratio of 3.61 and a beta of 1.00. The stock's 50 day moving average is $89.37 and its 200 day moving average is $93.18. 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 released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The firm 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 company's revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.06 EPS. On average, research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

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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