Rockport Wealth LLC Acquires Shares of 4,326 Otis Worldwide Co. (NYSE:OTIS)

Rockport Wealth LLC acquired a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 4,326 shares of the company’s stock, valued at approximately $429,000.

A number of other hedge funds also recently bought and sold shares of the company. Cetera Trust Company N.A acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $28,000. LifeSteps Financial Inc. acquired a new position in shares of Otis Worldwide in the 1st quarter valued at about $31,000. Pacific Capital Wealth Advisors Inc. acquired a new position in Otis Worldwide in the fourth quarter worth approximately $35,000. Finally, Accent Capital Management LLC acquired a new position in Otis Worldwide in the fourth quarter worth approximately $36,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the topic of a number of research reports. JPMorgan Chase & Co. increased their price objective on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, April 25th. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Finally, Wells Fargo & Company increased their price objective on Otis Worldwide from $98.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 10th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $99.67.

Insider Buying and Selling

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.23% of the stock is owned by company insiders.

Otis Worldwide Stock Performance

Shares of OTIS traded down $1.09 during mid-day trading on Tuesday, hitting $98.38. The company’s stock had a trading volume of 2,323,080 shares, compared to its average volume of 2,058,986. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.84. The firm has a market capitalization of $39.78 billion, a PE ratio of 28.75 and a beta of 1.03. The stock’s 50-day moving average is $97.42 and its two-hundred day moving average is $94.94.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

About Otis Worldwide

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.