Signaturefd LLC Decreases Holdings in Otis Worldwide Co. (NYSE:OTIS)

Signaturefd LLC cut its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,983 shares of the company’s stock after selling 458 shares during the quarter. Signaturefd LLC’s holdings in Otis Worldwide were worth $518,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in OTIS. PineStone Asset Management Inc. raised its stake in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after buying an additional 907,972 shares during the period. Sarasin & Partners LLP increased its stake in shares of Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after buying an additional 883,659 shares during the period. Brown Brothers Harriman & Co. increased its stake in shares of Otis Worldwide by 2,782.3% in the second quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock worth $78,469,000 after buying an additional 786,897 shares during the period. Finally, Swedbank AB purchased a new position in shares of Otis Worldwide in the first quarter worth $21,932,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on OTIS shares. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company upped their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Trading Down 1.2 %

Shares of NYSE:OTIS opened at $101.26 on Friday. The stock has a 50 day moving average of $98.48 and a 200 day moving average of $96.81. The company has a market cap of $40.94 billion, a PE ratio of 29.27 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $75.16 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Equities research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share 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.