Stratos Wealth Partners LTD. Raises Holdings in Otis Worldwide Corporation $OTIS

Stratos Wealth Partners LTD. boosted its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,347 shares of the company’s stock after acquiring an additional 271 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Otis Worldwide were worth $629,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OTIS. JPMorgan Chase & Co. grew its stake 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 period. Vanguard Group Inc. grew its holdings in 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 during the period. Nuveen LLC purchased a new stake in shares of Otis Worldwide in the first quarter valued at approximately $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of 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 worth $427,049,000 after buying an additional 571,489 shares during the period. Finally, PineStone Asset Management Inc. lifted its position in shares of Otis Worldwide by 13.3% during 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. 88.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on OTIS. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research note on Monday, October 6th. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Thursday, July 24th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Trading Down 1.4%

Shares of NYSE OTIS opened at $91.39 on Thursday. The stock has a market cap of $35.87 billion, a PE ratio of 24.18, a P/E/G ratio of 3.64 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 company has a 50-day moving average of $89.17 and a 200 day moving average of $93.15.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.06 EPS. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal 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.