Greenleaf Trust Sells 326 Shares of Otis Worldwide Co. (NYSE:OTIS)

Greenleaf Trust reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 3.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,148 shares of the company’s stock after selling 326 shares during the period. Greenleaf Trust’s holdings in Otis Worldwide were worth $1,055,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of OTIS. Brookstone Capital Management bought a new stake in shares of Otis Worldwide in the first quarter valued at about $257,000. Register Financial Advisors LLC bought a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $58,000. Grimes & Company Inc. grew its holdings in shares of Otis Worldwide by 3.6% during the 1st quarter. Grimes & Company Inc. now owns 5,325 shares of the company’s stock worth $529,000 after purchasing an additional 183 shares in the last quarter. Investment Research & Advisory Group Inc. bought a new stake in shares of Otis Worldwide during the first quarter valued at approximately $1,752,000. Finally, Trivant Custom Portfolio Group LLC acquired a new position in shares of Otis Worldwide in the first quarter valued at $2,287,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Price Performance

NYSE OTIS opened at $102.49 on Friday. The stock’s 50 day simple moving average is $98.11 and its 200 day simple moving average is $96.75. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $106.33. The firm has a market cap of $41.05 billion, a PE ratio of 28.63 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping 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 analysts’ expectations of $3.74 billion. During the same quarter in the prior year, the business earned $0.92 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, equities analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Analyst Ratings Changes

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

Otis Worldwide 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.