Investment Research & Advisory Group Inc. Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Investment Research & Advisory Group Inc. reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 9.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 16,560 shares of the company’s stock after selling 1,808 shares during the period. Investment Research & Advisory Group Inc.’s holdings in Otis Worldwide were worth $1,721,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Nordea Investment Management AB grew its stake in Otis Worldwide by 19.6% during the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after buying an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in shares of Otis Worldwide by 173.7% during the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after acquiring an additional 12,722 shares in the last quarter. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at approximately $991,000. Cetera Investment Advisers boosted its stake in Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Otis Worldwide by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock worth $100,181,000 after purchasing an additional 9,145 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.4 %

Shares of OTIS stock opened at $102.49 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $106.33. The stock has a market cap of $41.05 billion, a PE ratio of 28.63 and a beta of 1.03. The business has a 50-day simple moving average of $98.11 and a 200-day simple moving average of $96.75.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. Otis Worldwide’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 earnings per share. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Otis Worldwide Company 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.