Assenagon Asset Management S.A. Increases Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Assenagon Asset Management S.A. lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 355.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 274,876 shares of the company’s stock after buying an additional 214,535 shares during the period. Assenagon Asset Management S.A. owned approximately 0.07% of Otis Worldwide worth $28,571,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. Hancock Whitney Corp grew its holdings in Otis Worldwide by 4.6% during the 1st quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock valued at $253,000 after buying an additional 111 shares during the last quarter. Bleakley Financial Group LLC raised its holdings in 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 buying an additional 117 shares during the period. Brighton Jones LLC boosted 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 worth $248,000 after buying an additional 124 shares during the period. Park Avenue Securities LLC grew its holdings in Otis Worldwide by 0.9% during the 2nd 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 in the last quarter. Finally, Clearstead Trust LLC grew its stake in 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 in the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several research analyst reports. Barclays raised their price objective 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. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company lifted 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 report on Monday, October 7th. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.71.

Otis Worldwide Stock Performance

OTIS stock opened at $101.26 on Friday. The stock has a market cap of $40.94 billion, a P/E ratio of 29.27 and a beta of 1.03. The firm has a 50 day simple moving average of $98.48 and a 200 day simple moving average of $96.81. Otis Worldwide Co. has a 52 week low of $75.16 and a 52 week high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS 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 company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter last year, the company posted $0.92 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. Sell-side analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide 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.