D. E. Shaw & Co. Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 81.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,016,478 shares of the company’s stock after acquiring an additional 457,173 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.24% of Otis Worldwide worth $69,578,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Elmwood Wealth Management Inc. bought a new position in Otis Worldwide in the 1st quarter worth approximately $25,000. Safeguard Investment Advisory Group LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $26,000. Berman Capital Advisors LLC boosted its stake in Otis Worldwide by 67.2% in the 4th quarter. Berman Capital Advisors LLC now owns 403 shares of the company’s stock worth $27,000 after purchasing an additional 162 shares during the period. Baron Silver Stevens Financial Advisors LLC bought a new position in Otis Worldwide in the 4th quarter worth approximately $27,000. Finally, Ironwood Wealth Management LLC. boosted its stake in Otis Worldwide by 1,280.0% in the 4th quarter. Ironwood Wealth Management LLC. now owns 414 shares of the company’s stock worth $28,000 after purchasing an additional 384 shares during the period. 85.10% of the stock is owned by institutional investors.
Several research analysts have weighed in on OTIS shares. Barclays upped their price target on Otis Worldwide from $76.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 8th. Zacks Investment Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Wednesday, June 30th. HSBC upgraded Otis Worldwide from a “reduce” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Monday, March 29th. Credit Suisse Group increased their target price on Otis Worldwide from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday, April 27th. Finally, Royal Bank of Canada started coverage on Otis Worldwide in a research report on Tuesday, July 6th. They set an “outperform” rating and a $95.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $79.38.
Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Sunday, April 25th. The company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.09. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.16 billion. Otis Worldwide had a negative return on equity of 33.25% and a net margin of 7.95%. Otis Worldwide’s quarterly revenue was up 14.9% on a year-over-year basis. Sell-side analysts predict that Otis Worldwide Co. will post 2.86 EPS for the current fiscal year.
In other Otis Worldwide news, insider Peiming Zheng sold 15,234 shares of the stock in a transaction on Wednesday, April 28th. The stock was sold at an average price of $78.67, for a total value of $1,198,458.78. Following the sale, the insider now owns 19,022 shares in the company, valued at $1,496,460.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.05% of the stock is owned by company insiders.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.
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