O Shaughnessy Asset Management LLC Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

O Shaughnessy Asset Management LLC boosted its position in Otis Worldwide Co. (NYSE:OTIS) by 19.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,450 shares of the company’s stock after buying an additional 4,909 shares during the period. 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 recently bought and sold shares of OTIS. Rockport Wealth LLC purchased a new stake in shares of Otis Worldwide during the 1st quarter worth $429,000. Bahl & Gaynor Inc. boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of 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 boosted its position in shares of 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 currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Down 7.1 %

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

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. As a group, research analysts expect that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on OTIS shares. Wells Fargo & Company lifted their price target 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 started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating for the company. JPMorgan Chase & Co. lifted their price target 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 lifted their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Barclays lifted their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $99.67.

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.