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

Key Points

• Cookson Peirce & Co. Inc. invested approximately $644,000 in Otis Worldwide Corporation by acquiring 6,500 shares during the second quarter.
• Otis Worldwide's recent quarterly earnings report showed earnings per share of $1.05, beating analysts' expectations, while the company's revenue declined by 0.2% year-over-year.
• Institutional investors now own 88.03% of Otis Worldwide's stock, with various large investors adjusting their positions in the company recently.

Cookson Peirce & Co. Inc. acquired a new position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,500 shares of the company's stock, valued at approximately $644,000.

Several other large investors have also added to or reduced their stakes in OTIS. GAMMA Investing LLC lifted its position in Otis Worldwide by 18.8% in the 1st quarter. GAMMA Investing LLC now owns 7,953 shares of the company's stock valued at $821,000 after acquiring an additional 1,260 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Otis Worldwide by 4.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,644 shares of the company's stock valued at $3,266,000 after acquiring an additional 1,303 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in Otis Worldwide by 16.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,098 shares of the company's stock valued at $113,000 after acquiring an additional 158 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Otis Worldwide by 1.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company's stock valued at $3,269,000 after acquiring an additional 371 shares in the last quarter. Finally, Asset Management One Co. Ltd. lifted its position in Otis Worldwide by 6.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 160,432 shares of the company's stock valued at $16,557,000 after acquiring an additional 9,817 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $91.39 on Thursday. The firm has a market cap of $35.87 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 3.64 and a beta of 1.00. Otis Worldwide Corporation has a 52 week low of $84.25 and a 52 week high of $106.83. The firm has a 50-day moving average price of $89.17 and a two-hundred day moving average price of $93.15.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same quarter last year, the business posted $1.06 EPS. Otis Worldwide's quarterly revenue was down .2% compared to the same quarter last year. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OTIS. Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $105.00 to $111.00 and gave the company an "overweight" rating in a research report on Wednesday, October 15th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Otis Worldwide in a research note on Wednesday, October 8th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the company an "equal weight" rating in a research note on Monday, October 6th. Finally, Morgan Stanley increased their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target 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.

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