Proficio Capital Partners LLC Trims Position in Otis Worldwide Corporation (NYSE:OTIS)

Proficio Capital Partners LLC lessened its stake in Otis Worldwide Corporation (NYSE:OTIS) by 98.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,119 shares of the company’s stock after selling 190,459 shares during the period. Proficio Capital Partners LLC’s holdings in Otis Worldwide were worth $219,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Simon Quick Advisors LLC purchased a new position in Otis Worldwide during the 1st quarter valued at about $443,000. SG Americas Securities LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth approximately $2,533,000. Quintet Private Bank Europe S.A. grew its position in shares of Otis Worldwide by 3.4% in the 1st quarter. Quintet Private Bank Europe S.A. now owns 289,936 shares of the company’s stock worth $29,921,000 after buying an additional 9,467 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Otis Worldwide by 362.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 438,896 shares of the company’s stock worth $45,294,000 after buying an additional 343,987 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth approximately $225,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 9th. Morgan Stanley upped their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Tuesday, July 8th. Wells Fargo & Company upped their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. raised shares of Otis Worldwide from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $101.00 to $109.00 in a report on Tuesday, July 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Stock Performance

Shares of OTIS opened at $88.58 on Thursday. The company has a market cap of $34.96 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 2.72 and a beta of 0.98. The firm has a fifty day moving average of $97.32 and a 200-day moving average of $97.28. Otis Worldwide Corporation has a 1 year low of $86.00 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. Otis Worldwide’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.06 earnings per share. Analysts predict that Otis Worldwide Corporation will post 4.04 EPS 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.