Parnassus Investments LLC Trims Stake in Otis Worldwide Co. (NYSE:OTIS)

Parnassus Investments LLC cut its stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 3.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 822,772 shares of the company's stock after selling 29,095 shares during the period. Parnassus Investments LLC owned approximately 0.21% of Otis Worldwide worth $85,519,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. increased its holdings in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock worth $28,000 after purchasing an additional 286 shares during the last quarter. Cranbrook Wealth Management LLC raised its stake in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwest Investment Counselors LLC acquired a new position in Otis Worldwide during the third quarter worth approximately $28,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on OTIS. Wolfe Research downgraded shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Wells Fargo & Company cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Barclays lowered their price objective on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $104.57.

Insider Activity

In other news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $0.49 during trading hours on Tuesday, hitting $100.28. 1,752,321 shares of the company's stock traded hands, compared to its average volume of 2,111,993. The stock has a market capitalization of $40.06 billion, a price-to-earnings ratio of 25.13 and a beta of 1.04. Otis Worldwide Co. has a 12-month low of $83.66 and a 12-month high of $106.33. The company has a fifty day simple moving average of $100.59 and a 200-day simple moving average of $97.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm posted $0.95 EPS. The business's revenue was up .7% on a year-over-year basis. On average, analysts forecast that Otis Worldwide Co. will post 3.85 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.56%. Otis Worldwide's payout ratio is presently 38.90%.

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.