CX Institutional grew its position in Otis Worldwide Co. (NYSE:OTIS) by 8.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,890 shares of the company’s stock after buying an additional 232 shares during the quarter. CX Institutional’s holdings in Otis Worldwide were worth $195,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC purchased a new position in Otis Worldwide during the 2nd quarter worth approximately $364,331,000. Los Angeles Capital Management & Equity Research Inc. lifted its stake in shares of Otis Worldwide by 1,955.0% during the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 3,035,241 shares of the company’s stock worth $189,460,000 after buying an additional 2,887,540 shares during the last quarter. Nuveen Asset Management LLC acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth about $123,166,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth about $116,155,000. Finally, Ceredex Value Advisors LLC lifted its stake in shares of Otis Worldwide by 166.1% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,927,971 shares of the company’s stock worth $120,344,000 after buying an additional 1,203,571 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.
NYSE:OTIS opened at $63.97 on Thursday. The firm’s 50 day simple moving average is $66.13 and its 200 day simple moving average is $64.66. Otis Worldwide Co. has a one year low of $38.00 and a one year high of $68.21.
In other news, insider Fernandez Bernardo Calleja purchased 500 shares of the company’s stock in a transaction dated Wednesday, December 9th. The shares were purchased at an average price of $65.51 per share, for a total transaction of $32,755.00. Following the transaction, the insider now owns 1,500 shares of the company’s stock, valued at $98,265. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
OTIS has been the topic of a number of recent research reports. Credit Suisse Group raised their price target on shares of Otis Worldwide from $66.00 to $70.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 27th. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $75.00 to $79.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 7th. Wolfe Research raised shares of Otis Worldwide from a “peer perform” rating to an “outperform” rating in a research report on Thursday, September 24th. BidaskClub raised shares of Otis Worldwide from a “strong sell” rating to a “sell” rating in a research report on Tuesday, December 22nd. Finally, Zacks Investment Research raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $64.88.
Otis Worldwide Profile
Otis Worldwide Corporation manufactures, installs, and services elevators and escalators worldwide. The company operates through 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.
Further Reading: Limitations of analyzing profit margin
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