Allied Investment Advisors LLC Has $11.09 Million Stake in Otis Worldwide Corporation $OTIS

Allied Investment Advisors LLC lifted its position in Otis Worldwide Corporation (NYSE:OTIS) by 2.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,991 shares of the company’s stock after purchasing an additional 2,661 shares during the quarter. Otis Worldwide accounts for 1.9% of Allied Investment Advisors LLC’s portfolio, making the stock its 22nd largest position. Allied Investment Advisors LLC’s holdings in Otis Worldwide were worth $11,089,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of OTIS. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the first quarter worth $31,000. Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the first quarter worth $31,000. Flaharty Asset Management LLC bought a new stake in shares of Otis Worldwide during the first quarter worth $38,000. Toth Financial Advisory Corp bought a new stake in shares of Otis Worldwide during the second quarter worth $45,000. Finally, Ransom Advisory Ltd bought a new stake in shares of Otis Worldwide during the first quarter worth $48,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 1.1%

Shares of Otis Worldwide stock opened at $91.91 on Friday. The company has a market capitalization of $36.07 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 3.65 and a beta of 1.00. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The firm’s 50-day moving average price is $89.37 and its two-hundred day moving average price is $93.16.

Otis Worldwide (NYSE:OTIS) last announced 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 negative return on equity of 30.95% and a net margin of 10.68%.The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period in the prior year, the company earned $1.06 EPS. Otis Worldwide’s revenue for the quarter was down .2% on a year-over-year basis. On average, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OTIS. Morgan Stanley increased their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Wolfe Research set a $109.00 target price on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Royal Bank Of Canada reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Finally, Wells Fargo & Company raised their target price on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price 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.