Rehmann Capital Advisory Group Raises Holdings in Otis Worldwide Corporation $OTIS

Rehmann Capital Advisory Group boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,983 shares of the company’s stock after buying an additional 159 shares during the quarter. Rehmann Capital Advisory Group’s holdings in Otis Worldwide were worth $692,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in OTIS. Vanguard Group Inc. lifted its holdings in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 6.7% during the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after buying an additional 543,933 shares in the last quarter. Invesco Ltd. grew its holdings in Otis Worldwide by 4.7% during the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock valued at $437,424,000 after buying an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after buying an additional 571,489 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on OTIS shares. Morgan Stanley upped 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They issued a “hold” rating and a $109.00 target price for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Finally, Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Price Performance

OTIS opened at $93.02 on Friday. The stock has a market capitalization of $36.51 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 3.59 and a beta of 1.00. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The business has a 50-day moving average of $89.28 and a two-hundred day moving average of $93.15.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating 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 previous year, the business earned $1.06 earnings per share. The firm’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide 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.