NBT Bank N.A. Makes New $918,000 Investment in Otis Worldwide Corporation $OTIS

NBT Bank N.A. bought a new stake in Otis Worldwide Corporation (NYSE:OTIS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 14,280 shares of the company’s stock, valued at approximately $918,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Root Financial Partners LLC acquired a new position in shares of Otis Worldwide during the third quarter valued at $37,000. Cypress Wealth Services LLC boosted its holdings in Otis Worldwide by 20.7% in the third quarter. Cypress Wealth Services LLC now owns 5,360 shares of the company’s stock valued at $356,000 after acquiring an additional 920 shares during the last quarter. Axxcess Wealth Management LLC increased its position in Otis Worldwide by 32.3% in the third quarter. Axxcess Wealth Management LLC now owns 13,214 shares of the company’s stock worth $850,000 after purchasing an additional 3,227 shares during the period. Arvest Investments Inc. acquired a new stake in Otis Worldwide in the third quarter worth about $340,000. Finally, Canoe Financial LP increased its position in Otis Worldwide by 4.7% in the third quarter. Canoe Financial LP now owns 3,188,862 shares of the company’s stock worth $205,618,000 after purchasing an additional 144,386 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OTIS. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research note on Wednesday, August 12th. Wells Fargo & Company initiated coverage on shares of Otis Worldwide in a research note on Thursday, September 24th. They issued an “underweight” rating and a $77.00 target price on the stock. Sanford C. Bernstein reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, September 21st. Finally, Evercore reissued an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Otis Worldwide has an average rating of “Hold” and a consensus target price of $91.00.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $75.22 on Friday. The firm has a fifty day moving average of $69.34 and a two-hundred day moving average of $72.30. The stock has a market capitalization of $28.63 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 2.65 and a beta of 0.87. Otis Worldwide Corporation has a 52 week low of $63.58 and a 52 week high of $94.57.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. During the same period last year, the company earned $1.05 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. As a group, research analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Company Profile

Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.

Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.

The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.