Otis Worldwide Corporation $OTIS Holdings Trimmed by Robeco Institutional Asset Management B.V.

Robeco Institutional Asset Management B.V. reduced its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 15.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,704 shares of the company’s stock after selling 32,516 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Otis Worldwide were worth $11,752,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Diversify Advisory Services LLC increased its holdings in shares of Otis Worldwide by 1.2% in the third quarter. Diversify Advisory Services LLC now owns 16,436 shares of the company’s stock valued at $1,157,000 after purchasing an additional 192 shares during the last quarter. Louisbourg Investments Inc. boosted its holdings in shares of Otis Worldwide by 29.4% during the third quarter. Louisbourg Investments Inc. now owns 133,325 shares of the company’s stock worth $8,575,000 after acquiring an additional 30,258 shares during the period. Revisor Wealth Management LLC boosted its holdings in shares of Otis Worldwide by 27.7% during the third quarter. Revisor Wealth Management LLC now owns 12,713 shares of the company’s stock worth $864,000 after acquiring an additional 2,761 shares during the period. Bank Pictet & Cie Europe AG grew its position in shares of Otis Worldwide by 154.6% in the third quarter. Bank Pictet & Cie Europe AG now owns 32,851 shares of the company’s stock valued at $2,113,000 after purchasing an additional 19,947 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Otis Worldwide by 2.2% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 53,546 shares of the company’s stock valued at $3,444,000 after purchasing an additional 1,130 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Otis Worldwide Stock Down 0.5%

OTIS stock opened at $75.22 on Friday. The firm has a market cap 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 12-month low of $63.58 and a 12-month high of $94.57. The company’s fifty day simple moving average is $69.34 and its 200 day simple moving average is $72.30.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, meeting analysts’ consensus estimates of $1.01. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The business had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same quarter in the prior year, the firm posted $1.05 earnings per share. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. Research analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current 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.