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

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

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. BlackRock Inc. acquired a new stake in shares of Otis Worldwide during the 2nd quarter worth about $2,264,017,000. State Street Corp boosted its position in Otis Worldwide by 2.9% in the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after buying an additional 463,491 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Otis Worldwide in the second quarter valued at about $423,739,000. Van ECK Associates Corp grew its stake in Otis Worldwide by 0.6% during the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock worth $285,900,000 after buying an additional 24,914 shares during the last quarter. Finally, Canoe Financial LP grew its stake in Otis Worldwide by 4.7% during the third quarter. Canoe Financial LP now owns 3,188,862 shares of the company’s stock worth $205,618,000 after buying an additional 144,386 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on OTIS. Evercore reiterated an “outperform” rating and issued a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Morgan Stanley set a $75.00 price target on Otis Worldwide in a research report on Monday, August 10th. Sanford C. Bernstein restated an “outperform” rating on shares of Otis Worldwide in a research report on Monday, September 21st. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $91.00.

Otis Worldwide Stock Down 0.5%

Shares of NYSE OTIS opened at $75.22 on Friday. The firm’s 50-day simple moving average is $69.34 and its 200 day simple moving average is $72.30. The company has a market cap of $28.63 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth 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.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 EPS for the quarter, hitting analysts’ consensus estimates of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. On average, equities 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.