Rockport Wealth LLC Buys Shares of 4,326 Otis Worldwide Co. (NYSE:OTIS)

Rockport Wealth LLC bought a new stake in Otis Worldwide Co. (NYSE:OTIS) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 4,326 shares of the company’s stock, valued at approximately $429,000.

Other hedge funds have also recently made changes to their positions in the company. Bahl & Gaynor Inc. raised its stake in shares of Otis Worldwide by 5.4% during the 1st quarter. Bahl & Gaynor Inc. now owns 402,590 shares of the company’s stock valued at $39,965,000 after purchasing an additional 20,554 shares during the period. Acadian Asset Management LLC raised its stake in shares of Otis Worldwide by 322.0% during the 1st quarter. Acadian Asset Management LLC now owns 6,798 shares of the company’s stock valued at $673,000 after purchasing an additional 5,187 shares during the period. TIAA Trust National Association raised its stake in shares of Otis Worldwide by 668.1% during the 1st quarter. TIAA Trust National Association now owns 146,367 shares of the company’s stock valued at $14,530,000 after purchasing an additional 127,311 shares during the period. Intech Investment Management LLC raised its stake in shares of Otis Worldwide by 13.7% during the 1st quarter. Intech Investment Management LLC now owns 39,215 shares of the company’s stock valued at $3,893,000 after purchasing an additional 4,720 shares during the period. Finally, Clearstead Trust LLC raised 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 valued at $101,000 after purchasing an additional 135 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OTIS has been the topic of a number of analyst reports. Melius started coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a “hold” rating on the stock. Wells Fargo & Company upped their target price on Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 10th. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, Argus upped their target price on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $99.67.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Trading Down 1.1 %

Shares of OTIS traded down $1.09 during midday trading on Tuesday, reaching $98.38. The stock had a trading volume of 2,323,080 shares, compared to its average volume of 2,058,986. The company’s 50-day moving average is $97.42 and its 200 day moving average is $94.94. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The company has a market capitalization of $39.78 billion, a price-to-earnings ratio of 28.75 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Research analysts forecast that Otis Worldwide Co. will post 3.88 EPS for the current fiscal 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.