Parsons Capital Management Inc. RI Reduces Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Parsons Capital Management Inc. RI trimmed its position in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 0.9% during the 4th quarter, HoldingsChannel.com reports. The fund owned 13,415 shares of the company’s stock after selling 128 shares during the period. Parsons Capital Management Inc. RI’s holdings in Otis Worldwide were worth $1,200,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at $370,013,000. Alliancebernstein L.P. lifted its position in Otis Worldwide by 32.5% during the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after purchasing an additional 2,999,494 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after purchasing an additional 2,442,203 shares during the period. PineStone Asset Management Inc. boosted its position in Otis Worldwide by 300.6% during the third quarter. PineStone Asset Management Inc. now owns 2,844,325 shares of the company’s stock worth $228,428,000 after purchasing an additional 2,134,289 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Otis Worldwide by 54.3% in the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after acquiring an additional 1,484,963 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.16 during trading on Tuesday, reaching $98.41. The company had a trading volume of 180,355 shares, compared to its average volume of 2,049,446. The company has a market capitalization of $39.90 billion, a PE ratio of 29.08 and a beta of 1.01. The firm’s 50 day simple moving average is $94.14 and its two-hundred day simple moving average is $87.35. Otis Worldwide Co. has a one year low of $73.32 and a one year high of $100.35.

Otis Worldwide (NYSE:OTISGet Free Report) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the company earned $0.75 earnings per share. Analysts forecast that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a dividend of $0.34 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a yield of 1.38%. Otis Worldwide’s payout ratio is 40.12%.

Analyst Upgrades and Downgrades

A number of analysts have commented on OTIS shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Thursday, February 22nd. UBS Group increased their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, February 16th. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $92.29.

Get Our Latest Stock Report on OTIS

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Otis Worldwide Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Co. (NYSE:OTISFree Report).

Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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