Dumont & Blake Investment Advisors LLC Decreases Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Dumont & Blake Investment Advisors LLC reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 50.0% during the third quarter, HoldingsChannel.com reports. The fund owned 8,063 shares of the company’s stock after selling 8,059 shares during the quarter. Dumont & Blake Investment Advisors LLC’s holdings in Otis Worldwide were worth $838,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the 3rd quarter worth $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the last quarter. Jamison Private Wealth Management Inc. raised its position in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after acquiring an additional 286 shares during the period. Cranbrook Wealth Management LLC boosted its stake in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter valued at approximately $28,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on OTIS shares. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Wells Fargo & Company boosted their target price 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. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Morgan Stanley assumed coverage on shares of Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective on the stock. 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 MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Performance

NYSE OTIS traded down $0.13 during trading hours on Friday, hitting $102.36. The company had a trading volume of 50,408 shares, compared to its average volume of 2,098,229. The firm has a 50 day simple moving average of $98.30 and a 200 day simple moving average of $96.79. Otis Worldwide Co. has a 52 week low of $75.16 and a 52 week high of $106.33. The firm has a market capitalization of $41.39 billion, a price-to-earnings ratio of 29.62 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. During the same quarter in the previous year, the company earned $0.92 earnings per share. Otis Worldwide’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

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.