Parsons Capital Management Inc. RI Sells 6,664 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Parsons Capital Management Inc. RI reduced its stake in Otis Worldwide Corporation by 54.4% in the second quarter, selling 6,664 shares, and now holds 5,593 shares valued at $554,000.
• Several institutional investors have increased their holdings in Otis Worldwide, with Vanguard and JPMorgan Chase significantly boosting their stakes in the first quarter.
• Otis Worldwide's quarterly earnings surpassed analysts' estimates, reporting $1.05 EPS, although revenue was slightly down year-over-year at $3.60 billion.

Parsons Capital Management Inc. RI lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 54.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,593 shares of the company's stock after selling 6,664 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Otis Worldwide were worth $554,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after buying an additional 1,591,450 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after purchasing an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock worth $459,360,000 after purchasing an additional 543,933 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Otis Worldwide by 4.7% in the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock worth $437,424,000 after purchasing an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after purchasing an additional 571,489 shares during the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Stock Down 0.1%

Shares of NYSE:OTIS opened at $92.27 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The company's 50-day moving average price is $88.09 and its two-hundred day moving average price is $94.22. The firm has a market cap of $36.21 billion, a P/E ratio of 24.41, a P/E/G ratio of 4.44 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the prior year, the firm earned $1.06 EPS. The company's revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were given a dividend of $0.42 per share. The ex-dividend date was Friday, August 15th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Otis Worldwide's dividend payout ratio is presently 44.44%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on OTIS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a "hold" rating and a $109.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. JPMorgan Chase & Co. upped their target price on shares of Otis Worldwide from $101.00 to $105.00 and gave the stock an "overweight" rating in a report on Thursday, September 18th. Morgan Stanley upped their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $103.00.

Otis Worldwide 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.

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