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

Parsons Capital Management Inc. RI reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,755 shares of the company’s stock after selling 336 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Otis Worldwide were worth $1,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Blue Trust Inc. increased its stake in Otis Worldwide by 43.3% in the fourth quarter. Blue Trust Inc. now owns 4,452 shares of the company’s stock valued at $412,000 after acquiring an additional 1,345 shares during the last quarter. PFG Investments LLC increased its stake in shares of Otis Worldwide by 4.1% in the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after purchasing an additional 131 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Otis Worldwide by 14.6% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 24,280 shares of the company’s stock worth $2,249,000 after buying an additional 3,088 shares in the last quarter. Clarendon Private LLC bought a new stake in shares of Otis Worldwide during the 4th quarter worth $349,000. Finally, Investment Research & Advisory Group Inc. boosted its stake in Otis Worldwide by 1.9% in the fourth quarter. Investment Research & Advisory Group Inc. now owns 16,872 shares of the company’s stock valued at $1,563,000 after buying an additional 312 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Otis Worldwide Stock Performance

OTIS stock opened at $97.74 on Tuesday. The company has a market capitalization of $39.04 billion, a P/E ratio of 24.37 and a beta of 1.06. The company has a fifty day moving average price of $96.30 and a 200-day moving average price 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 announced its earnings results 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 the consensus estimate of $3.59 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a share buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

Wall Street Analyst Weigh In

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

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.