Auto Owners Insurance Co Boosts Stock Holdings in Otis Worldwide Corporation $OTIS

Auto Owners Insurance Co grew its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 27.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,393 shares of the company’s stock after acquiring an additional 1,393 shares during the quarter. Auto Owners Insurance Co’s holdings in Otis Worldwide were worth $633,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its position in Otis Worldwide by 7.8% during the first quarter. Sequoia Financial Advisors LLC now owns 9,936 shares of the company’s stock valued at $1,025,000 after buying an additional 719 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Otis Worldwide by 7.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,401 shares of the company’s stock valued at $6,853,000 after buying an additional 4,517 shares during the period. Golden State Wealth Management LLC grew its position in Otis Worldwide by 64.8% during the first quarter. Golden State Wealth Management LLC now owns 613 shares of the company’s stock valued at $63,000 after buying an additional 241 shares during the period. Amalgamated Bank grew its position in Otis Worldwide by 0.7% during the first quarter. Amalgamated Bank now owns 79,428 shares of the company’s stock valued at $8,197,000 after buying an additional 523 shares during the period. Finally, Valley National Advisers Inc. grew its position in Otis Worldwide by 340.7% during the first quarter. Valley National Advisers Inc. now owns 833 shares of the company’s stock valued at $85,000 after buying an additional 644 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a “hold” rating and a $109.00 price target for the company. Barclays reduced their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Zacks Research upgraded 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 reduced their price target 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. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $91.38 on Wednesday. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The stock’s 50-day simple moving average is $89.51 and its 200 day simple moving average is $93.13. The stock has a market capitalization of $35.86 billion, a P/E ratio of 24.17, a P/E/G ratio of 3.61 and a beta of 1.00.

Otis Worldwide Company 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.