Sumitomo Mitsui Trust Group Inc. Increases Holdings in Otis Worldwide Corporation $OTIS

Sumitomo Mitsui Trust Group Inc. grew its stake in Otis Worldwide Corporation (NYSE:OTIS) by 1.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 936,593 shares of the company’s stock after purchasing an additional 10,053 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Otis Worldwide were worth $92,741,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in Otis Worldwide by 18.8% in the first quarter. GAMMA Investing LLC now owns 7,953 shares of the company’s stock worth $821,000 after buying an additional 1,260 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of Otis Worldwide by 1.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company’s stock valued at $3,269,000 after acquiring an additional 371 shares in the last quarter. Bessemer Group Inc. raised its holdings in Otis Worldwide by 1.9% in the 1st quarter. Bessemer Group Inc. now owns 14,465 shares of the company’s stock worth $1,494,000 after acquiring an additional 273 shares during the last quarter. Golden State Wealth Management LLC lifted its position in Otis Worldwide by 318.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,555 shares of the company’s stock valued at $161,000 after acquiring an additional 1,183 shares in the last quarter. Finally, Pure Financial Advisors LLC purchased a new stake in Otis Worldwide during the 1st quarter valued at $201,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS opened at $91.91 on Friday. The stock’s 50-day simple moving average is $89.37 and its two-hundred day simple moving average is $93.18. The stock has a market capitalization of $36.07 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 3.61 and a beta of 1.00. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued 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 for the quarter, compared to analysts’ expectations of $3.73 billion. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.06 EPS. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Barclays decreased their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, July 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a research report on Saturday. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a research report on Wednesday, October 15th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $104.63.

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.