Brookstone Capital Management Has $4.05 Million Position in Otis Worldwide Corporation $OTIS

Brookstone Capital Management raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 40,879 shares of the company’s stock after purchasing an additional 609 shares during the quarter. Brookstone Capital Management’s holdings in Otis Worldwide were worth $4,048,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wayfinding Financial LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth about $31,000. Cheviot Value Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth about $31,000. Flaharty Asset Management LLC acquired a new position in shares of Otis Worldwide during the 1st quarter worth about $38,000. Toth Financial Advisory Corp acquired a new position in shares of Otis Worldwide during the 2nd quarter worth about $45,000. Finally, Ransom Advisory Ltd acquired a new position in shares of Otis Worldwide during the 1st quarter worth about $48,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 1.8%

NYSE:OTIS opened at $93.02 on Friday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The business has a 50 day moving average price of $89.28 and a two-hundred day moving average price of $93.15. The company has a market cap of $36.51 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm posted $1.06 EPS. The business’s revenue was down .2% on a year-over-year basis. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on OTIS shares. 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 report on Monday, October 6th. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Morgan Stanley boosted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Finally, Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $104.63.

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.