SEB Asset Management AB Takes Position in Otis Worldwide Corporation $OTIS

SEB Asset Management AB bought a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 1st quarter, Holdings Channel reports. The fund bought 101,369 shares of the company’s stock, valued at approximately $7,814,000.

Other hedge funds have also added to or reduced their stakes in the company. Camelot Portfolios LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $27,000. Elevation Wealth Partners LLC bought a new position in Otis Worldwide during the fourth quarter worth $32,000. Kohmann Bosshard Financial Services LLC bought a new position in Otis Worldwide during the fourth quarter worth $33,000. Finally, Reflection Asset Management acquired a new stake in Otis Worldwide in the fourth quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada dropped their price objective on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, April 8th. Barclays decreased their target price on Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research report on Thursday, April 23rd. Weiss Ratings lowered Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $96.55.

Otis Worldwide Trading Down 2.2%

OTIS opened at $71.89 on Wednesday. The company’s fifty day moving average price is $72.03 and its two-hundred day moving average price is $80.27. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.14. The company has a market cap of $27.59 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.64 and a beta of 0.90.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The business had revenue of $3.57 billion during the quarter, compared to the consensus estimate of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business posted $0.92 earnings per share. As a group, equities analysts forecast that Otis Worldwide Corporation will post 4.16 earnings per share for the current fiscal year.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.