Kornitzer Capital Management Inc. KS Acquires Shares of 9,684 Otis Worldwide Corporation $OTIS

Kornitzer Capital Management Inc. KS bought a new position in Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 9,684 shares of the company’s stock, valued at approximately $959,000.

Several other hedge funds and other institutional investors also recently modified their holdings of OTIS. Berkshire Money Management Inc. boosted its position in Otis Worldwide by 5.0% during the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock valued at $208,000 after acquiring an additional 100 shares in the last quarter. Park Avenue Securities LLC lifted its stake in shares of Otis Worldwide by 0.8% in the 2nd quarter. Park Avenue Securities LLC now owns 13,876 shares of the company’s stock valued at $1,374,000 after purchasing an additional 104 shares during the period. PFG Investments LLC grew its stake in Otis Worldwide by 3.7% in the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after purchasing an additional 121 shares during the period. MSH Capital Advisors LLC raised its holdings in Otis Worldwide by 5.4% in the second quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock worth $234,000 after purchasing an additional 122 shares in the last quarter. Finally, Bennett Selby Investments LP lifted its position in Otis Worldwide by 6.0% during the second quarter. Bennett Selby Investments LP now owns 2,301 shares of the company’s stock valued at $228,000 after buying an additional 130 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Down 1.1%

OTIS stock opened at $91.91 on Monday. The stock’s 50 day simple moving average is $89.37 and its 200 day simple moving average is $93.17. Otis Worldwide Corporation has a 12-month low of $84.25 and a 12-month high of $106.83. The stock has a market capitalization of $36.07 billion, a PE ratio of 24.31, a price-to-earnings-growth ratio of 3.61 and a beta of 1.00.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OTIS. Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 8th. Wolfe Research set a $109.00 price target on Otis Worldwide and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Wells Fargo & Company raised their price objective on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Deutsche Bank Aktiengesellschaft started coverage on Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 target price on the stock. Finally, Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $104.63.

Otis Worldwide Profile

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.