Carnegie Investment Counsel Has $19.35 Million Holdings in Otis Worldwide Corporation $OTIS

Carnegie Investment Counsel increased its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 1.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 195,437 shares of the company’s stock after buying an additional 1,964 shares during the period. Carnegie Investment Counsel’s holdings in Otis Worldwide were worth $19,352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in OTIS. Berkshire Money Management Inc. increased its holdings in shares of Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after purchasing an additional 100 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of Otis Worldwide by 0.8% in the second quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares during the last quarter. PFG Investments LLC increased its holdings in shares of Otis Worldwide by 3.7% in the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after purchasing an additional 121 shares during the last quarter. MSH Capital Advisors LLC increased its holdings in shares of Otis Worldwide by 5.4% in the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock valued at $234,000 after purchasing an additional 122 shares during the last quarter. Finally, Bennett Selby Investments LP increased its holdings in shares of Otis Worldwide by 6.0% in the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock valued at $228,000 after purchasing an additional 130 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Up 1.8%

OTIS opened at $93.02 on Friday. Otis Worldwide Corporation has a twelve month low of $84.25 and a twelve month high of $106.83. The company has a 50-day simple moving average of $89.28 and a 200 day simple moving average of $93.15. The stock has a market capitalization of $36.51 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 3.59 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the prior year, the business posted $1.06 earnings per share. Otis Worldwide’s revenue was down .2% compared to the same quarter last year. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Deutsche Bank Aktiengesellschaft began coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They issued a “hold” rating and a $109.00 target price for the company. Royal Bank Of Canada reduced their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Morgan Stanley boosted their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Finally, Barclays reduced their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Thursday, July 24th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average price target of $104.63.

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.