Court Place Advisors LLC Sells 188 Shares of Otis Worldwide Co. (NYSE:OTIS)

Court Place Advisors LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,522 shares of the company’s stock after selling 188 shares during the quarter. Court Place Advisors LLC’s holdings in Otis Worldwide were worth $262,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OTIS. Nordea Investment Management AB lifted its stake in Otis Worldwide by 19.6% in the first quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after purchasing 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% in the first quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after buying an additional 12,722 shares during the period. Appian Way Asset Management LP bought a new stake in shares of Otis Worldwide in the 2nd quarter valued at about $991,000. Cetera Investment Advisers boosted its holdings in Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the period. 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 acquiring an additional 9,145 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Up 0.2 %

Shares of NYSE:OTIS traded up $0.19 on Friday, hitting $102.68. The company had a trading volume of 89,489 shares, compared to its average volume of 2,098,591. The firm’s 50-day simple moving average is $98.30 and its two-hundred day simple moving average is $96.79. The firm has a market capitalization of $41.52 billion, a price-to-earnings ratio of 29.62 and a beta of 1.03. Otis Worldwide Co. has a 1 year low of $75.16 and a 1 year high of $106.33.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OTIS. Wells Fargo & Company boosted their price objective on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Barclays lifted their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $102.71.

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.