Nisa Investment Advisors LLC reduced its holdings in Otis Worldwide Co. (NYSE:OTIS – Free Report) by 2.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 116,259 shares of the company’s stock after selling 2,806 shares during the period. Nisa Investment Advisors LLC’s holdings in Otis Worldwide were worth $12,084,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently modified their holdings of OTIS. Riverview Trust Co bought a new position in Otis Worldwide during the third quarter worth $25,000. Meeder Asset Management Inc. grew its position in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after purchasing an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. increased its holdings in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC raised its position in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at about $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on OTIS shares. Morgan Stanley initiated coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and an average price target of $102.71.
Otis Worldwide Price Performance
Otis Worldwide stock opened at $98.25 on Thursday. The firm has a market capitalization of $39.35 billion, a P/E ratio of 28.40 and a beta of 1.03. The stock has a fifty day moving average price of $98.92 and a two-hundred day moving average price of $96.86. Otis Worldwide Co. has a 52-week low of $76.22 and a 52-week high of $106.33.
About Otis Worldwide
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.
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