Parcion Private Wealth LLC Purchases New Stake in Otis Worldwide Corporation $OTIS

Parcion Private Wealth LLC bought a new position in Otis Worldwide Corporation (NYSE:OTIS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,411 shares of the company’s stock, valued at approximately $239,000.

Several other hedge funds also recently bought and sold shares of OTIS. GAMMA Investing LLC increased its position in Otis Worldwide by 18.8% in the 1st quarter. GAMMA Investing LLC now owns 7,953 shares of the company’s stock worth $821,000 after purchasing an additional 1,260 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Otis Worldwide by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,644 shares of the company’s stock worth $3,266,000 after purchasing an additional 1,303 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Otis Worldwide by 16.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company’s stock worth $113,000 after purchasing an additional 158 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Otis Worldwide by 1.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company’s stock worth $3,269,000 after purchasing an additional 371 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in Otis Worldwide by 6.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 160,432 shares of the company’s stock worth $16,557,000 after purchasing an additional 9,817 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 target price on the stock. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the stock an “outperform” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. 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 upped their price target on Otis Worldwide from $97.00 to $105.00 and gave the stock 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 given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $104.63.

Otis Worldwide Stock Performance

OTIS opened at $91.39 on Thursday. The company has a market cap 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. The stock has a 50-day moving average of $89.17 and a 200-day 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 announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.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 prior year, the company earned $1.06 EPS. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current 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.