Hartford Investment Management Co. Has $2.61 Million Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Hartford Investment Management Co. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS) by 2.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,134 shares of the company’s stock after selling 703 shares during the period. Hartford Investment Management Co.’s holdings in Otis Worldwide were worth $2,612,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in OTIS. Massachusetts Financial Services Co. MA boosted its holdings in Otis Worldwide by 12.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after acquiring an additional 907,972 shares during the last quarter. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after purchasing an additional 2,590,780 shares during the last quarter. Sarasin & Partners LLP grew its position in Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Legal & General Group Plc increased its stake in Otis Worldwide by 0.4% in the 2nd quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after buying an additional 15,021 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Otis Worldwide by 4.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock worth $316,782,000 after buying an additional 126,684 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

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

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, topping analysts’ consensus estimates of $1.03 by $0.03. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 earnings per share. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OTIS. Morgan Stanley began coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Barclays boosted their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company raised their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. 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 presently has a consensus rating of “Hold” and an average target price of $102.71.

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.