Belpointe Asset Management LLC bought a new stock position in Otis Worldwide Co. (NYSE: OTIS – Get Rating) during the first quarter, Holdings Channel.com reports. The fund bought 1,925 shares of the company, valued at around $148,000.
A number of other large investors also changed their holdings in OTIS. Kestra Advisory Services LLC increased its position in Otis Worldwide by 3.8% in the fourth quarter. Kestra Advisory Services LLC now owns 17,263 shares of the company valued at $1,503,000 after purchasing an additional 638 shares in the last quarter. Allworth Financial LP increased its position in Otis Worldwide by 9.4% in the fourth quarter. Allworth Financial LP now owns 1,923 shares of the company valued at $167,000 after buying an additional 166 shares in the last quarter. Avantax Advisory Services Inc. increased its position in Otis Worldwide by 4.9% in the fourth quarter. Avantax Advisory Services Inc. now owns 7,992 shares of the company valued at $696,000 after purchasing an additional 374 shares in the last quarter. National Bank of Canada FI acquired a new stake in Otis Worldwide in the fourth quarter valued at approximately $8,533,000. Finally, CVA Family Office LLC increased its position in Otis Worldwide by 483.3% in the fourth quarter. CVA Family Office LLC now owns 315 shares of the company valued at $27,000 after purchasing an additional 261 shares in the last quarter. Hedge funds and other institutional investors hold 83.32% of the company’s shares.
Price performance of Otis around the world
Shares of OTIS opened at $71.90 on Friday. The company has a market capitalization of $30.40 billion, a price-earnings ratio of 24.71 and a beta of 0.85. The stock has a 50-day simple moving average of $71.92 and a 200-day simple moving average of $75.95. Otis Worldwide Co. has a 1-year minimum of $66.97 and a 1-year maximum of $92.84.
Otis Worldwide (NYSE: OTIS – Get Rating) last announced its results on Monday, April 25. The company reported earnings per share of $0.77 for the quarter, beating the consensus estimate of $0.75 by $0.02. Otis Worldwide posted a negative return on equity of 35.81% and a net margin of 8.73%. The company posted revenue of $3.41 billion in the quarter, versus a consensus estimate of $3.45 billion. During the same period a year earlier, the company posted EPS of $0.72. The company’s quarterly revenue increased 0.2% year over year. Analysts expect Otis Worldwide Co. to post earnings per share of 3.2 for the current fiscal year.
Analysts set new price targets
OTIS has been the subject of a number of recent research reports. Berenberg Bank lowered its price target on Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a Wednesday, June 22 research report. Credit Suisse Group set a price target of $79.00 on Otis Worldwide in a report released Tuesday. BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and lowered its price target for the company from $95.00 to $80.00 in a Tuesday, July 5 report. Exane BNP Paribas downgraded Otis Worldwide from an “outperform” rating to a “neutral” rating and lowered its price target for the company from $95.00 to $80.00 in a Tuesday, July 5 report. Finally, Cowen reduced its price target on Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a Tuesday, April 26 report. Two investment analysts gave the stock a sell rating, four gave the company a hold rating and five gave the company a buy rating. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $78.04.
Otis Global Profile
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Otis Worldwide Corporation manufactures, installs and services elevators and escalators in the United States, China and around the world. 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 walks for residential and commercial buildings and infrastructure projects.
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