Cookson Peirce & Co. Inc. Invests $644,000 in Otis Worldwide Corporation $OTIS

Cookson Peirce & Co. Inc. purchased a new position in shares of Otis Worldwide Corporation (NYSE:OTIS) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 6,500 shares of the company’s stock, valued at approximately $644,000.

Several other large investors also recently modified their holdings of OTIS. Vanguard Group Inc. boosted its holdings in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company’s stock worth $4,808,634,000 after buying an additional 1,591,450 shares during the period. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock worth $3,913,347,000 after buying an additional 2,396,134 shares during the period. PineStone Asset Management Inc. boosted its holdings in Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock worth $459,360,000 after buying an additional 543,933 shares during the period. Invesco Ltd. boosted its holdings in Otis Worldwide by 4.7% in the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company’s stock worth $437,424,000 after buying an additional 190,397 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company’s stock worth $427,049,000 after buying an additional 571,489 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $91.39 on Thursday. The firm has a fifty day moving average price of $89.17 and a two-hundred day moving average price of $93.15. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The company has a market cap of $35.87 billion, a price-to-earnings ratio of 24.18, a PEG ratio of 3.64 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the firm earned $1.06 EPS. The business’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OTIS has been the subject of several analyst reports. Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $104.63.

Otis Worldwide Company 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.