Parallel Advisors LLC Boosts Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Parallel Advisors LLC grew its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,722 shares of the company’s stock after buying an additional 439 shares during the quarter. Parallel Advisors LLC’s holdings in Otis Worldwide were worth $900,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fortitude Family Office LLC boosted its stake in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Truvestments Capital LLC acquired a new stake in shares of Otis Worldwide in the third quarter worth approximately $36,000. Centricity Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $33,000. Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $34,000. Finally, OFI Invest Asset Management acquired a new stake in shares of Otis Worldwide in the fourth quarter worth approximately $37,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 1.0 %

NYSE OTIS opened at $102.72 on Thursday. The stock has a market cap of $40.73 billion, a PE ratio of 25.30 and a beta of 1.05. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The stock has a fifty day simple moving average of $97.32 and a 200-day simple moving average of $98.24.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide announced that its board has initiated a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OTIS. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, January 30th. Barclays dropped their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $102.88.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is currently owned by company insiders.

About Otis Worldwide

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.