Parsons Capital Management Inc. RI Decreases Stake in Otis Worldwide Co. (NYSE:OTIS)

Parsons Capital Management Inc. RI lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 3.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 12,257 shares of the company’s stock after selling 498 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Otis Worldwide were worth $1,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of OTIS. Transce3nd LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $25,000. NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the first quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $33,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.0%

NYSE OTIS opened at $95.28 on Wednesday. The firm has a market cap of $37.61 billion, a price-to-earnings ratio of 23.47 and a beta of 0.98. The business has a 50-day moving average price of $96.00 and a 200-day moving average price of $97.13. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.91 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 earnings per share. Research analysts expect that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were given a $0.42 dividend. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide’s payout ratio is currently 44.09%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OTIS. Wells Fargo & Company cut their price objective on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a report on Friday, May 16th. Barclays cut their price target on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Friday, April 25th. Finally, Royal Bank of Canada cut their price target on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, April 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $100.71.

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.