Brookstone Capital Management Buys 609 Shares of Otis Worldwide Corporation $OTIS

Brookstone Capital Management raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,879 shares of the company’s stock after acquiring an additional 609 shares during the quarter. Brookstone Capital Management’s holdings in Otis Worldwide were worth $4,048,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide during the first quarter valued at $31,000. Cheviot Value Management LLC bought a new position in shares of Otis Worldwide during the first quarter valued at $31,000. Flaharty Asset Management LLC bought a new position in shares of Otis Worldwide during the first quarter valued at $38,000. Toth Financial Advisory Corp bought a new position in shares of Otis Worldwide in the second quarter valued at about $45,000. Finally, Ransom Advisory Ltd bought a new position in shares of Otis Worldwide in the first quarter valued at about $48,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OTIS has been the subject of a number of research analyst reports. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price target for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Finally, Royal Bank Of Canada cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Trading Up 1.8%

Shares of NYSE:OTIS opened at $93.02 on Friday. The stock has a market capitalization of $36.51 billion, a P/E ratio of 24.61, a P/E/G ratio of 3.59 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year 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.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data 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 firm had revenue of $3.60 billion during 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 company’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.06 EPS. As a group, equities 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.