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

Parnassus Investments LLC lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 6.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 771,116 shares of the company's stock after selling 51,656 shares during the period. Parnassus Investments LLC owned about 0.19% of Otis Worldwide worth $71,413,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in Otis Worldwide in the third quarter valued at about $29,000. Fortitude Family Office LLC grew its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth $33,000. Golden State Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at $34,000. Finally, Truvestments Capital LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth $36,000. 88.03% of the stock is currently owned by institutional investors.

Insider Activity at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company's stock, valued at $16,127.67. The trade was a 99.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,281 shares of company stock worth $10,747,553. 0.23% of the stock is owned by corporate insiders.

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Analyst Upgrades and Downgrades

OTIS has been the subject of a number of research analyst reports. Barclays decreased their price target on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating for the company in a research note on Wednesday, January 8th. Wolfe Research lowered shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. JPMorgan Chase & Co. dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Finally, Wells Fargo & Company cut their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Otis Worldwide has an average rating of "Hold" and an average target price of $102.88.

Otis Worldwide Trading Up 0.2 %

NYSE OTIS traded up $0.16 on Tuesday, hitting $101.55. 2,183,368 shares of the company's stock traded hands, compared to its average volume of 1,986,112. The firm has a market capitalization of $40.27 billion, a PE ratio of 25.01 and a beta of 1.05. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The firm's 50-day moving average price is $96.91 and its two-hundred day moving average price is $98.16.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide declared that its Board of Directors has authorized a stock buyback program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its stock is undervalued.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

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.