Clifford Swan Investment Counsel LLC Has $4.34 Million Position in Otis Worldwide Corporation $OTIS

Clifford Swan Investment Counsel LLC reduced its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 0.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,855 shares of the company’s stock after selling 261 shares during the quarter. Clifford Swan Investment Counsel LLC’s holdings in Otis Worldwide were worth $4,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Rehmann Capital Advisory Group grew its position in Otis Worldwide by 2.3% in the second quarter. Rehmann Capital Advisory Group now owns 6,983 shares of the company’s stock valued at $692,000 after purchasing an additional 159 shares in the last quarter. Parcion Private Wealth LLC bought a new position in shares of Otis Worldwide in the 2nd quarter valued at about $239,000. Cookson Peirce & Co. Inc. bought a new position in shares of Otis Worldwide in the 2nd quarter valued at about $644,000. Brookstone Capital Management increased its position in shares of Otis Worldwide by 1.5% in the second quarter. Brookstone Capital Management now owns 40,879 shares of the company’s stock valued at $4,048,000 after acquiring an additional 609 shares during the last quarter. Finally, D.A. Davidson & CO. raised its holdings in Otis Worldwide by 1.7% during the second quarter. D.A. Davidson & CO. now owns 55,733 shares of the company’s stock worth $5,519,000 after acquiring an additional 920 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Performance

OTIS stock opened at $91.39 on Thursday. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The company’s 50-day simple moving average is $89.17 and its 200 day simple moving average is $93.15. The company has a market capitalization of $35.87 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 3.64 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the firm posted $1.06 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Wells Fargo & Company lifted their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Morgan Stanley boosted their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $104.63.

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.