9,684 Shares in Otis Worldwide Corporation $OTIS Acquired by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS bought a new stake in shares of Otis Worldwide Corporation (NYSE:OTIS) in the second quarter, HoldingsChannel.com reports. The firm bought 9,684 shares of the company’s stock, valued at approximately $959,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. AG2R LA Mondiale Gestion D Actifs grew its holdings in shares of Otis Worldwide by 4.2% in the second quarter. AG2R LA Mondiale Gestion D Actifs now owns 16,690 shares of the company’s stock worth $1,653,000 after acquiring an additional 669 shares during the period. Focus Partners Advisor Solutions LLC purchased a new position in Otis Worldwide in the second quarter worth about $251,000. Allied Investment Advisors LLC grew its stake in shares of Otis Worldwide by 2.4% during the 2nd quarter. Allied Investment Advisors LLC now owns 111,991 shares of the company’s stock valued at $11,089,000 after purchasing an additional 2,661 shares during the period. Sage Mountain Advisors LLC bought a new stake in shares of Otis Worldwide during the 2nd quarter valued at about $295,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Otis Worldwide by 1.1% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 936,593 shares of the company’s stock valued at $92,741,000 after purchasing an additional 10,053 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on OTIS shares. 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 upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Otis Worldwide in a research note on Saturday. Barclays reduced their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley raised their target price on Otis Worldwide from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $104.63.

Otis Worldwide Stock Performance

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

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.