Private Advisor Group LLC Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Private Advisor Group LLC decreased its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 6.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 20,813 shares of the company’s stock after selling 1,510 shares during the period. Private Advisor Group LLC’s holdings in Otis Worldwide were worth $2,163,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brookstone Capital Management purchased a new position in Otis Worldwide in the 1st quarter valued at $257,000. Allspring Global Investments Holdings LLC lifted its holdings in Otis Worldwide by 145.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 230,052 shares of the company’s stock valued at $22,837,000 after purchasing an additional 136,324 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Otis Worldwide by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after purchasing an additional 9,145 shares in the last quarter. Norden Group LLC purchased a new position in Otis Worldwide in the 1st quarter valued at $1,722,000. Finally, First Trust Direct Indexing L.P. lifted its holdings in Otis Worldwide by 15.6% in the 1st quarter. First Trust Direct Indexing L.P. now owns 10,530 shares of the company’s stock valued at $1,045,000 after purchasing an additional 1,422 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 0.1 %

Shares of NYSE:OTIS opened at $101.37 on Wednesday. The business has a 50-day moving average price of $98.83 and a 200 day moving average price of $96.85. The company has a market capitalization of $40.60 billion, a price-to-earnings ratio of 29.30 and a beta of 1.03. Otis Worldwide Co. has a 12-month low of $75.78 and a 12-month high of $106.33.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of research reports. Wolfe Research lowered Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Barclays raised 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, Wells Fargo & Company raised their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $102.71.

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.