Sheets Smith Wealth Management raised its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 0.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,283 shares of the company’s stock after buying an additional 266 shares during the period. Sheets Smith Wealth Management’s holdings in Otis Worldwide were worth $3,869,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Otis Worldwide by 1.0% during the third quarter. BlackRock Inc. now owns 32,446,097 shares of the company’s stock valued at $2,025,285,000 after buying an additional 309,187 shares in the last quarter. FMR LLC acquired a new stake in shares of Otis Worldwide in the second quarter valued at about $364,331,000. Los Angeles Capital Management & Equity Research Inc. grew its position in shares of Otis Worldwide by 1,955.0% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,035,241 shares of the company’s stock valued at $189,460,000 after purchasing an additional 2,887,540 shares during the last quarter. Sarasin & Partners LLP grew its position in shares of Otis Worldwide by 32.2% in the third quarter. Sarasin & Partners LLP now owns 2,935,643 shares of the company’s stock valued at $183,243,000 after purchasing an additional 714,784 shares during the last quarter. Finally, Gates Capital Management Inc. grew its position in shares of Otis Worldwide by 7.4% in the third quarter. Gates Capital Management Inc. now owns 2,567,252 shares of the company’s stock valued at $160,248,000 after purchasing an additional 176,483 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.
OTIS has been the topic of a number of recent research reports. Zacks Investment Research raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a research report on Wednesday. BidaskClub raised Otis Worldwide from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 22nd. Cowen reissued a “buy” rating and set a $75.00 target price on shares of Otis Worldwide in a research report on Friday, December 4th. Credit Suisse Group lifted their price objective on Otis Worldwide from $66.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $75.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $64.88.
In other Otis Worldwide news, insider Fernandez Bernardo Calleja bought 500 shares of the firm’s stock in a transaction dated Wednesday, December 9th. The shares were bought at an average price of $65.51 per share, for a total transaction of $32,755.00. Following the completion of the acquisition, the insider now owns 1,500 shares of the company’s stock, valued at $98,265. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.
Shares of OTIS stock traded down $1.26 during trading hours on Wednesday, hitting $63.97. 3,169,250 shares of the company’s stock were exchanged, compared to its average volume of 1,923,181. The stock’s 50-day moving average is $66.09 and its 200-day moving average is $64.63. Otis Worldwide Co. has a 52 week low of $38.00 and a 52 week high of $68.21.
Otis Worldwide (NYSE:OTIS) last announced its earnings results on Monday, October 26th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.57 by $0.12. The business had revenue of $3.27 billion for the quarter, compared to the consensus estimate of $3.17 billion. As a group, analysts forecast that Otis Worldwide Co. will post 2.31 earnings per share for the current fiscal year.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators worldwide. The company operates through 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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