Parnassus Investments LLC Sells 29,095 Shares of Otis Worldwide Co. (NYSE:OTIS)

Parnassus Investments LLC lowered its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.4% during the third quarter, Holdings Channel reports. The firm owned 822,772 shares of the company’s stock after selling 29,095 shares during the period. Parnassus Investments LLC’s holdings in Otis Worldwide were worth $85,519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hancock Whitney Corp grew its stake in Otis Worldwide by 4.6% during the first quarter. Hancock Whitney Corp now owns 2,549 shares of the company’s stock worth $253,000 after buying an additional 111 shares in the last quarter. Optas LLC boosted its position in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares in the last quarter. Brighton Jones LLC increased its stake in Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after acquiring an additional 124 shares during the last quarter. Park Avenue Securities LLC raised its position in Otis Worldwide by 0.9% during the second quarter. Park Avenue Securities LLC now owns 14,931 shares of the company’s stock valued at $1,437,000 after purchasing an additional 127 shares in the last quarter. Finally, Resonant Capital Advisors LLC lifted its stake in Otis Worldwide by 4.6% during the second quarter. Resonant Capital Advisors LLC now owns 3,426 shares of the company’s stock worth $330,000 after purchasing an additional 150 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Activity at Otis Worldwide

In other 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 value of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

OTIS has been the topic of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. UBS Group began coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $104.57.

Otis Worldwide Stock Performance

Shares of NYSE OTIS opened at $100.77 on Tuesday. The stock has a market cap of $40.25 billion, a P/E ratio of 25.13 and a beta of 1.04. The firm has a 50 day moving average price of $100.59 and a two-hundred day moving average price of $97.42. Otis Worldwide Co. has a 52-week low of $83.66 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 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 period in the previous year, the firm posted $0.95 earnings per share. The firm’s quarterly revenue was up .7% compared to the same quarter last year. Analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.90%.

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.