Ameritas Investment Company LLC Takes Position in Otis Worldwide Co. (NYSE:OTIS)

Ameritas Investment Company LLC acquired a new stake in Otis Worldwide Co. (NYSE:OTIS) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,771 shares of the company’s stock, valued at approximately $190,000.

Other institutional investors have also bought and sold shares of the company. Viking Global Investors LP increased its position in shares of Otis Worldwide by 26.6% during the first quarter. Viking Global Investors LP now owns 6,834,220 shares of the company’s stock worth $467,802,000 after purchasing an additional 1,436,557 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Otis Worldwide by 121.4% during the first quarter. AQR Capital Management LLC now owns 104,017 shares of the company’s stock worth $7,120,000 after purchasing an additional 57,026 shares in the last quarter. Royal Bank of Canada increased its position in shares of Otis Worldwide by 29.5% during the first quarter. Royal Bank of Canada now owns 1,994,391 shares of the company’s stock worth $136,514,000 after purchasing an additional 453,850 shares in the last quarter. Islet Management LP increased its position in shares of Otis Worldwide by 60.0% during the first quarter. Islet Management LP now owns 400,000 shares of the company’s stock worth $27,380,000 after purchasing an additional 150,000 shares in the last quarter. Finally, Suvretta Capital Management LLC increased its position in shares of Otis Worldwide by 6.0% during the first quarter. Suvretta Capital Management LLC now owns 2,872,993 shares of the company’s stock worth $196,656,000 after purchasing an additional 161,964 shares in the last quarter. Institutional investors and hedge funds own 85.10% of the company’s stock.

In other news, insider Peiming Zheng sold 15,234 shares of the company’s stock in a transaction on Wednesday, April 28th. The stock was sold at an average price of $78.67, for a total value of $1,198,458.78. Following the transaction, the insider now owns 19,022 shares of the company’s stock, valued at approximately $1,496,460.74. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Several analysts recently commented on OTIS shares. Zacks Investment Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Barclays boosted their price target on Otis Worldwide from $76.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 8th. HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 price target for the company in a research report on Monday, March 29th. Royal Bank of Canada began coverage on Otis Worldwide in a research note on Tuesday, July 6th. They set an “outperform” rating and a $95.00 price objective on the stock. Finally, Credit Suisse Group boosted their price objective on Otis Worldwide from $72.00 to $77.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 27th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $79.38.

NYSE OTIS opened at $86.81 on Thursday. The stock’s fifty day moving average is $80.94. The firm has a market capitalization of $37.25 billion, a price-to-earnings ratio of 35.87 and a beta of 0.87. Otis Worldwide Co. has a fifty-two week low of $57.60 and a fifty-two week high of $86.91.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Sunday, April 25th. The company reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.09. Otis Worldwide had a negative return on equity of 33.25% and a net margin of 7.95%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.16 billion. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. As a group, research analysts forecast that Otis Worldwide Co. will post 2.86 EPS for the current year.

About Otis Worldwide

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. 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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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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