Eastern Bank Acquires New Shares in Otis Worldwide Co. (NYSE:OTIS)

Eastern Bank bought a new position in Otis Worldwide Co. (NYSE:OTIS) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 7,498 shares of the company’s stock, valued at approximately $779,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Riverview Trust Co bought a new position in Otis Worldwide during the third quarter valued at approximately $25,000. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter worth $28,000. Cranbrook Wealth Management LLC grew its holdings in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the period. Finally, Jamison Private Wealth Management Inc. increased its position in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on OTIS. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target for the company. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.71.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $102.86 on Thursday. The stock has a fifty day simple moving average of $97.90 and a two-hundred day simple moving average of $96.70. The firm has a market capitalization of $41.20 billion, a PE ratio of 28.73 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the company earned $0.92 EPS. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

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.