Grimes & Company Inc. Has $585,000 Stake in Otis Worldwide Co. (NYSE:OTIS)

Grimes & Company Inc. boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 7.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,633 shares of the company’s stock after buying an additional 413 shares during the quarter. Grimes & Company Inc.’s holdings in Otis Worldwide were worth $585,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. International Assets Investment Management LLC boosted its stake in Otis Worldwide by 11,799.4% in the 3rd quarter. International Assets Investment Management LLC now owns 207,168 shares of the company’s stock valued at $21,533,000 after buying an additional 205,427 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Otis Worldwide by 8.9% in the third quarter. Bank Pictet & Cie Europe AG now owns 69,708 shares of the company’s stock worth $7,245,000 after purchasing an additional 5,709 shares in the last quarter. Pictet North America Advisors SA boosted its stake in Otis Worldwide by 1.1% in the third quarter. Pictet North America Advisors SA now owns 106,987 shares of the company’s stock worth $11,120,000 after purchasing an additional 1,175 shares in the last quarter. Waldron Private Wealth LLC boosted its stake in Otis Worldwide by 8.2% in the third quarter. Waldron Private Wealth LLC now owns 4,612 shares of the company’s stock worth $479,000 after purchasing an additional 349 shares in the last quarter. Finally, Eastern Bank acquired a new position in Otis Worldwide in the third quarter worth $779,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on OTIS. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley began 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. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company upped their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Finally, Barclays upped their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $102.71.

Otis Worldwide Trading Down 0.4 %

NYSE OTIS opened at $102.49 on Friday. The stock has a 50-day simple moving average of $98.11 and a 200 day simple moving average of $96.75. The company has a market capitalization of $41.05 billion, a PE ratio of 28.63 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business 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 quarter in the prior year, the company posted $0.92 earnings per share. As a group, sell-side analysts predict that Otis Worldwide Co. will post 3.88 earnings per share 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.