Lafayette Investments Inc. Purchases 982 Shares of Otis Worldwide Co. (NYSE:OTIS)

Lafayette Investments Inc. increased its position in Otis Worldwide Co. (NYSE:OTIS) by 9.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,608 shares of the company’s stock after purchasing an additional 982 shares during the quarter. Lafayette Investments Inc.’s holdings in Otis Worldwide were worth $1,207,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Hancock Whitney Corp increased its holdings in shares of Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares during the last quarter. Brighton Jones LLC raised its position in shares of Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after purchasing an additional 124 shares during the period. Park Avenue Securities LLC raised its position in shares of Otis Worldwide by 0.9% in the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after purchasing an additional 127 shares during the period. Finally, Clearstead Trust LLC lifted its stake in shares of Otis Worldwide by 15.3% during the 1st quarter. Clearstead Trust LLC now owns 1,018 shares of the company’s stock worth $101,000 after buying an additional 135 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective on the stock. Barclays boosted their target price on 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, Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight 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, the stock presently has a consensus rating of “Hold” and a consensus target price of $102.71.

Otis Worldwide Stock Performance

OTIS traded down $0.63 during midday trading on Thursday, reaching $102.23. The company had a trading volume of 113,194 shares, compared to its average volume of 2,101,950. The business has a 50-day moving average price of $97.90 and a two-hundred day moving average price of $96.70. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $106.33. The stock has a market cap of $40.95 billion, a PE ratio of 28.73 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the company earned $0.92 earnings per share. Otis Worldwide’s revenue was down 3.2% compared to the same quarter last year. On average, research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Company 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.