NorthCrest Asset Manangement LLC Boosts Position in Otis Worldwide Co. (NYSE:OTIS)

NorthCrest Asset Manangement LLC raised its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,110 shares of the company’s stock after buying an additional 176 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Otis Worldwide were worth $531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in OTIS. Riverview Trust Co purchased a new stake in shares of Otis Worldwide in the third quarter valued at approximately $25,000. Meeder Asset Management Inc. lifted its holdings in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the 3rd quarter worth $28,000. Cranbrook Wealth Management LLC increased its stake in shares of Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after buying an additional 250 shares during the period. Finally, Jamison Private Wealth Management Inc. increased its stake in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Trading Down 1.2 %

Shares of OTIS opened at $101.26 on Monday. The firm has a market cap of $40.94 billion, a PE ratio of 29.27 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $75.16 and a 12 month high of $106.33. The stock has a fifty day moving average price of $98.48 and a 200-day moving average price of $96.79.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent research reports. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Wells Fargo & Company increased their price objective on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Finally, Barclays boosted their price target on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average price target of $102.71.

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.