Patriot Financial Group Insurance Agency LLC Trims Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Patriot Financial Group Insurance Agency LLC lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 9.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,367 shares of the company’s stock after selling 237 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Otis Worldwide were worth $246,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the third quarter valued at $25,000. Meeder Asset Management Inc. boosted its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after acquiring an additional 196 shares during the period. Northwest Investment Counselors LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at about $28,000. Cranbrook Wealth Management LLC increased its stake in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. Finally, Jamison Private Wealth Management Inc. lifted its position in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 3.1 %

Shares of OTIS opened at $98.25 on Thursday. The company has a market capitalization of $39.35 billion, a price-to-earnings ratio of 28.40 and a beta of 1.03. Otis Worldwide Co. has a 52-week low of $76.22 and a 52-week high of $106.33. The stock has a 50 day moving average price of $98.92 and a 200 day moving average price of $96.86.

Analyst Upgrades and Downgrades

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