Otis Worldwide Co. (NYSE:OTIS) Shares Acquired by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC increased its position in Otis Worldwide Co. (NYSE:OTIS) by 21.0% in the third quarter, Holdings Channel reports. The firm owned 11,426 shares of the company’s stock after purchasing an additional 1,981 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Otis Worldwide were worth $1,188,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OTIS. Riverview Trust Co acquired a new stake in shares of Otis Worldwide during the third quarter worth $25,000. Meeder Asset Management Inc. raised its stake in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the third quarter worth about $28,000. Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the period. Finally, Jamison Private Wealth Management Inc. grew its holdings in shares of 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 purchasing an additional 286 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Trading Down 1.2 %

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

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same period in the prior year, the firm posted $0.92 earnings per share. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. Equities research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current year.

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.