Bath Savings Trust Co increased its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 41.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,146 shares of the company’s stock after buying an additional 1,809 shares during the quarter. Bath Savings Trust Co’s holdings in Otis Worldwide were worth $415,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Rockbridge Investment Management LCC purchased a new position in Otis Worldwide in the 2nd quarter valued at $38,000. Jackson Square Capital LLC acquired a new position in Otis Worldwide during the third quarter worth about $42,000. Hexagon Capital Partners LLC bought a new stake in Otis Worldwide in the third quarter worth about $45,000. TFC Financial Management acquired a new stake in Otis Worldwide in the 3rd quarter valued at about $45,000. Finally, Horan Capital Advisors LLC. bought a new position in shares of Otis Worldwide during the 3rd quarter valued at about $49,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.
Several research firms recently commented on OTIS. Zacks Investment Research raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $75.00 to $79.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. BidaskClub upgraded Otis Worldwide from a “strong sell” rating to a “sell” rating in a report on Tuesday, December 22nd. Wolfe Research raised Otis Worldwide from a “peer perform” rating to an “outperform” rating in a report on Thursday, September 24th. Finally, Credit Suisse Group upped their price objective on shares of Otis Worldwide from $66.00 to $70.00 and gave the company a “neutral” rating in a research note on Tuesday, October 27th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $64.88.
Shares of OTIS opened at $63.97 on Thursday. The business’s 50-day moving average is $66.13 and its 200-day moving average is $64.66. Otis Worldwide Co. has a fifty-two week low of $38.00 and a fifty-two week high of $68.21.
Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Monday, October 26th. The company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.12. The company had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.17 billion. On average, sell-side analysts expect that Otis Worldwide Co. will post 2.31 EPS for the current fiscal year.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators worldwide. 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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