Parallel Advisors LLC Grows Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Parallel Advisors LLC lifted its position in Otis Worldwide Co. (NYSE:OTIS) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,441 shares of the company’s stock after buying an additional 242 shares during the period. Parallel Advisors LLC’s holdings in Otis Worldwide were worth $909,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its position in shares of Otis Worldwide by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock worth $3,181,000 after purchasing an additional 110 shares in the last quarter. Hancock Whitney Corp boosted its holdings in Otis Worldwide by 4.6% in the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after acquiring an additional 111 shares in the last quarter. Tritonpoint Wealth LLC boosted its holdings in Otis Worldwide by 4.1% in the first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock worth $285,000 after acquiring an additional 113 shares in the last quarter. Bleakley Financial Group LLC grew its stake in shares of Otis Worldwide by 1.2% during the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after acquiring an additional 117 shares during the last quarter. Finally, Private Trust Co. NA increased its holdings in shares of Otis Worldwide by 0.9% during the first quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock valued at $1,284,000 after acquiring an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, July 25th. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $98.57.

Otis Worldwide Price Performance

OTIS stock opened at $94.82 on Tuesday. The company has a market capitalization of $37.98 billion, a P/E ratio of 27.40 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The firm’s fifty day simple moving average is $94.44 and its 200-day simple moving average is $95.93.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.92 earnings per share. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 45.09%.

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.