GHP Investment Advisors Inc. Lowers Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

GHP Investment Advisors Inc. lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,743 shares of the company’s stock after selling 117 shares during the quarter. GHP Investment Advisors Inc.’s holdings in Otis Worldwide were worth $285,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OTIS. Massachusetts Financial Services Co. MA increased its position 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 purchasing an additional 907,972 shares during the period. PineStone Asset Management Inc. grew 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 acquiring an additional 2,590,780 shares during the period. Sarasin & Partners LLP raised its position in Otis Worldwide by 27.2% in the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Legal & General Group Plc lifted its holdings in Otis Worldwide by 0.4% in the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after acquiring an additional 15,021 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted 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 purchasing an additional 126,684 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. 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 objective for the company. Barclays raised their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Wells Fargo & Company boosted their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $102.71.

Otis Worldwide Stock Performance

OTIS opened at $101.26 on Monday. Otis Worldwide Co. has a 1 year low of $75.16 and a 1 year high of $106.33. The company’s 50 day simple moving average is $98.48 and its 200 day simple moving average is $96.79. The stock has a market capitalization of $40.94 billion, a PE ratio of 29.27 and a beta of 1.03.

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.