ELCO Management Co. LLC Cuts Stake in Otis Worldwide Corporation $OTIS

by · The Cerbat Gem

ELCO Management Co. LLC decreased its holdings in Otis Worldwide Corporation (NYSE:OTIS – Free Report) by 3.2% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,027 shares of the company’s stock after selling 202 shares during the period. ELCO Management Co. LLC’s holdings in Otis Worldwide were worth $597,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in OTIS. JPMorgan Chase & Co. boosted its stake in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after purchasing an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. raised its holdings in Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock valued at $4,808,634,000 after buying an additional 1,591,450 shares during the last quarter. Nuveen LLC bought a new stake in Otis Worldwide during the 1st quarter valued at $91,989,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock valued at $427,049,000 after buying an additional 571,489 shares during the last quarter. Finally, PineStone Asset Management Inc. raised its holdings in Otis Worldwide by 13.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after buying an additional 543,933 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.7%

Shares of NYSE OTIS opened at $91.38 on Wednesday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The firm has a market capitalization of $35.86 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 3.61 and a beta of 1.00. The firm has a fifty day simple moving average of $89.51 and a two-hundred day simple moving average of $93.13.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Wells Fargo & Company upped their price target on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Barclays lowered their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, July 24th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $104.63.

Get Our Latest Stock Report on Otis Worldwide

Otis Worldwide Company Profile

(Free Report)

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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