Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Ballentine Partners LLC

Ballentine Partners LLC reduced its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 22.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,251 shares of the company’s stock after selling 1,506 shares during the period. Ballentine Partners LLC’s holdings in Otis Worldwide were worth $546,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of OTIS. Busey Bank raised its position in Otis Worldwide by 3.9% in the third quarter. Busey Bank now owns 4,951 shares of the company’s stock valued at $515,000 after purchasing an additional 185 shares during the period. Silver Oak Securities Incorporated increased its position in shares of Otis Worldwide by 13.7% during the 3rd quarter. Silver Oak Securities Incorporated now owns 5,881 shares of the company’s stock worth $597,000 after purchasing an additional 710 shares during the last quarter. Values First Advisors Inc. acquired a new position in Otis Worldwide in the third quarter valued at about $172,000. Assenagon Asset Management S.A. lifted its position in Otis Worldwide by 355.5% in the third quarter. Assenagon Asset Management S.A. now owns 274,876 shares of the company’s stock valued at $28,571,000 after buying an additional 214,535 shares during the last quarter. Finally, Lafayette Investments Inc. boosted its stake in Otis Worldwide by 9.2% during the third quarter. Lafayette Investments Inc. now owns 11,608 shares of the company’s stock worth $1,207,000 after buying an additional 982 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays lifted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 2nd. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company lifted their target price on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $110.00 price target on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Performance

OTIS stock opened at $101.26 on Monday. The company’s 50 day moving average price is $98.48 and its 200 day moving average price is $96.79. The firm has a market capitalization of $40.94 billion, a price-to-earnings ratio of 29.27 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $75.16 and a fifty-two week high of $106.33.

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.