D.A. Davidson & CO. Increases Stock Holdings in Otis Worldwide Corporation $OTIS

D.A. Davidson & CO. increased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 55,733 shares of the company’s stock after purchasing an additional 920 shares during the period. D.A. Davidson & CO.’s holdings in Otis Worldwide were worth $5,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sanders Morris Harris LLC purchased a new position in Otis Worldwide during the 2nd quarter worth $306,000. Lafayette Investments Inc. grew its stake in Otis Worldwide by 3.2% during the 2nd quarter. Lafayette Investments Inc. now owns 13,290 shares of the company’s stock worth $1,316,000 after buying an additional 408 shares during the last quarter. Chicago Partners Investment Group LLC grew its stake in Otis Worldwide by 44.5% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 3,917 shares of the company’s stock worth $388,000 after buying an additional 1,207 shares during the last quarter. Arista Wealth Management LLC purchased a new position in Otis Worldwide during the 2nd quarter worth $372,000. Finally, Stratos Wealth Partners LTD. grew its stake in Otis Worldwide by 4.5% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 6,347 shares of the company’s stock worth $629,000 after buying an additional 271 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the topic of several research analyst reports. Wells Fargo & Company boosted 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. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Royal Bank Of Canada dropped their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, Morgan Stanley boosted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Stock Up 1.8%

Shares of OTIS stock opened at $93.02 on Friday. The stock has a market cap of $36.51 billion, a PE ratio of 24.61, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. The business has a 50-day simple moving average of $89.28 and a 200-day simple moving average of $93.15. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

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