Rehmann Capital Advisory Group Grows Position in Otis Worldwide Corporation $OTIS

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

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Wayfinding Financial LLC bought a new position in shares of Otis Worldwide during the 1st quarter valued at approximately $31,000. Cheviot Value Management LLC bought a new position in Otis Worldwide in the 1st quarter valued at $31,000. Flaharty Asset Management LLC bought a new stake in Otis Worldwide during the 1st quarter valued at about $38,000. Toth Financial Advisory Corp purchased a new position in Otis Worldwide during the 2nd quarter worth $45,000. Finally, Ransom Advisory Ltd purchased a new stake in Otis Worldwide in the first quarter worth about $48,000. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Barclays lowered their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, July 24th. Finally, Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the stock an “outperform” rating in a research 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 MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Trading Up 1.8%

NYSE OTIS opened at $93.02 on Friday. The stock has a fifty day simple moving average of $89.28 and a 200-day simple moving average of $93.15. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The stock has a market cap of $36.51 billion, a PE ratio of 24.61, a P/E/G ratio of 3.59 and a beta of 1.00.

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