Investment Research & Advisory Group Inc. Sells 1,808 Shares of Otis Worldwide Co. (NYSE:OTIS)

Investment Research & Advisory Group Inc. lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 9.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,560 shares of the company’s stock after selling 1,808 shares during the quarter. Investment Research & Advisory Group Inc.’s holdings in Otis Worldwide were worth $1,721,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OTIS. Riverview Trust Co purchased a new stake in Otis Worldwide in the 3rd quarter worth about $25,000. Meeder Asset Management Inc. raised its holdings in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide in the third quarter worth approximately $28,000. Cranbrook Wealth Management LLC lifted its stake in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its holdings in Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company lifted their price target 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. Finally, Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Down 0.4 %

Shares of OTIS stock opened at $102.49 on Friday. The firm has a market cap of $41.05 billion, a price-to-earnings ratio of 28.63 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $106.33. The company’s 50 day moving average is $98.11 and its 200 day moving average is $96.75.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate 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 revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 EPS. Analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

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.