Parsons Capital Management Inc. RI Sells 336 Shares of Otis Worldwide Co. (NYSE:OTIS)

Parsons Capital Management Inc. RI decreased its position in Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 12,755 shares of the company’s stock after selling 336 shares during the period. Parsons Capital Management Inc. RI’s holdings in Otis Worldwide were worth $1,181,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC increased its stake in Otis Worldwide by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock valued at $1,146,045,000 after buying an additional 152,072 shares during the last quarter. Franklin Resources Inc. lifted its position in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock worth $774,863,000 after buying an additional 2,706,871 shares in the last quarter. Sarasin & Partners LLP boosted its stake in shares of Otis Worldwide by 6.0% during the 4th quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after buying an additional 229,523 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday, December 12th. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Finally, Barclays cut their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $103.88.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $97.74 on Tuesday. The stock has a market cap of $39.04 billion, a PE ratio of 24.37 and a beta of 1.06. The firm has a 50-day moving average of $96.30 and a 200-day moving average of $97.24. Otis Worldwide Co. has a 52-week low of $87.57 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business earned $0.95 earnings per share. The company’s revenue was up .7% on a year-over-year basis. As a group, analysts predict that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Friday, November 15th. Otis Worldwide’s dividend payout ratio is 38.90%.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.