Parsons Capital Management Inc. RI Has $554,000 Holdings in Otis Worldwide Corporation $OTIS

Parsons Capital Management Inc. RI cut its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS) by 54.4% during the second quarter, HoldingsChannel.com reports. 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 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in OTIS. NBC Securities Inc. acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $25,000. Wayfinding Financial LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Cheviot Value Management LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Flaharty Asset Management LLC acquired a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $38,000. Finally, Toth Financial Advisory Corp acquired a new stake in shares of Otis Worldwide in the 2nd quarter valued at approximately $45,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Stock Down 0.1%

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 has a market capitalization of $36.21 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 4.44 and a beta of 1.00. The firm’s 50 day moving average is $88.09 and its 200-day moving average is $94.22.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the company earned $1.06 earnings per share. The firm’s revenue was down .2% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. As a group, sell-side analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.44%.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank Of Canada dropped 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. Wolfe Research upgraded shares of Otis Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, July 25th. Wells Fargo & Company dropped 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. Zacks Research downgraded shares of Otis Worldwide from a “hold” rating to a “strong sell” rating in a report on Monday, September 15th. Finally, JPMorgan Chase & Co. raised 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. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.