E. Ohman J or Asset Management AB Sells 2,250 Shares of Otis Worldwide Co. (NYSE:OTIS)

E. Ohman J or Asset Management AB reduced its holdings in Otis Worldwide Co. (NYSE:OTIS) by 12.5% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,700 shares of the company’s stock after selling 2,250 shares during the quarter. E. Ohman J or Asset Management AB’s holdings in Otis Worldwide were worth $1,632,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after acquiring an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of Otis Worldwide by 173.7% in the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock worth $1,990,000 after purchasing an additional 12,722 shares in the last quarter. Appian Way Asset Management LP purchased a new position in shares of Otis Worldwide in the 2nd quarter worth about $991,000. Cetera Investment Advisers boosted its holdings in shares of Otis Worldwide by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock worth $4,603,000 after purchasing an additional 33,457 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Otis Worldwide by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock worth $100,181,000 after purchasing an additional 9,145 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on OTIS shares. Barclays upped their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. 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 objective for the company. Wells Fargo & Company increased their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight investment 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 company currently has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $101.26 on Friday. 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 fifty-two week low of $75.16 and a fifty-two week high of $106.33. The business’s 50 day moving average price is $98.48 and its 200-day moving average price is $96.81.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. As a group, equities analysts predict 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.