43,007 Shares in Otis Worldwide Corporation (NYSE:OTIS) Purchased by Davis Rea LTD.

Davis Rea LTD. acquired a new position in Otis Worldwide Corporation (NYSE:OTIS) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 43,007 shares of the company’s stock, valued at approximately $4,438,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Transce3nd LLC purchased a new position in shares of Otis Worldwide during the fourth quarter worth approximately $25,000. NBC Securities Inc. acquired a new stake in Otis Worldwide in the first quarter valued at approximately $25,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Otis Worldwide in the fourth quarter worth $28,000. Wayfinding Financial LLC purchased a new position in shares of Otis Worldwide in the first quarter worth $31,000. Finally, Orion Capital Management LLC acquired a new position in Otis Worldwide during the fourth quarter valued at $35,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on OTIS shares. Morgan Stanley lifted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research note on Monday, July 14th. They set a “hold” rating and a $109.00 target price for the company. JPMorgan Chase & Co. upgraded shares of Otis Worldwide from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $101.00 to $109.00 in a research report on Tuesday, July 15th. Royal Bank Of Canada decreased their target price on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, April 28th. Finally, Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $95.00 to $100.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $104.38.

Otis Worldwide Stock Down 0.2%

NYSE:OTIS traded down $0.15 during trading hours on Thursday, reaching $88.34. 781,404 shares of the company’s stock were exchanged, compared to its average volume of 2,583,125. Otis Worldwide Corporation has a 1-year low of $86.00 and a 1-year high of $106.83. The firm has a market capitalization of $34.87 billion, a price-to-earnings ratio of 23.19, a P/E/G ratio of 2.72 and a beta of 0.98. The company has a 50-day moving average of $97.32 and a 200 day moving average of $97.28.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter last year, the firm posted $1.06 EPS. The business’s revenue was down .2% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Corporation will post 4.04 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.