O Shaughnessy Asset Management LLC Purchases 4,909 Shares of Otis Worldwide Co. (NYSE:OTIS)

O Shaughnessy Asset Management LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 19.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 30,450 shares of the company’s stock after acquiring an additional 4,909 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Otis Worldwide were worth $3,023,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OTIS. Rockport Wealth LLC bought a new stake in Otis Worldwide during the 1st quarter worth approximately $429,000. Bahl & Gaynor Inc. increased its holdings in Otis Worldwide by 5.4% during the 1st quarter. Bahl & Gaynor Inc. now owns 402,590 shares of the company’s stock worth $39,965,000 after purchasing an additional 20,554 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Otis Worldwide by 322.0% during the 1st quarter. Acadian Asset Management LLC now owns 6,798 shares of the company’s stock worth $673,000 after purchasing an additional 5,187 shares in the last quarter. TIAA Trust National Association increased its holdings in Otis Worldwide by 668.1% during the 1st quarter. TIAA Trust National Association now owns 146,367 shares of the company’s stock worth $14,530,000 after purchasing an additional 127,311 shares in the last quarter. Finally, Intech Investment Management LLC increased its holdings in Otis Worldwide by 13.7% during the 1st quarter. Intech Investment Management LLC now owns 39,215 shares of the company’s stock worth $3,893,000 after purchasing an additional 4,720 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Argus boosted their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company boosted their target price on Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Finally, Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus price target of $99.67.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the sale, the executive vice president now owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS traded down $6.95 during trading on Wednesday, hitting $91.43. 5,832,294 shares of the company were exchanged, compared to its average volume of 2,085,872. The company has a market cap of $36.97 billion, a PE ratio of 26.74 and a beta of 1.03. The stock has a 50 day moving average of $97.45 and a 200 day moving average of $95.01. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Sell-side analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal 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.