Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Boyd Watterson Asset Management LLC OH

Boyd Watterson Asset Management LLC OH lowered its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 5.5% in the third quarter, HoldingsChannel.com reports. The fund owned 3,228 shares of the company’s stock after selling 187 shares during the quarter. Boyd Watterson Asset Management LLC OH’s holdings in Otis Worldwide were worth $336,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Otis Worldwide during the third quarter worth about $25,000. Meeder Asset Management Inc. boosted its holdings in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. increased its stake in shares of Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in Otis Worldwide in the third quarter valued at $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Morgan Stanley started coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $102.71.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $102.86 on Thursday. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $106.33. The stock has a market cap of $41.20 billion, a P/E ratio of 28.73 and a beta of 1.03. The stock’s 50 day simple moving average is $97.90 and its 200-day simple moving average is $96.70.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same period in the prior year, the business earned $0.92 EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 EPS 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.