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

Parallel Advisors LLC grew its position in Otis Worldwide Co. (NYSE:OTIS) by 2.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,441 shares of the company’s stock after acquiring an additional 242 shares during the period. Parallel Advisors LLC’s holdings in Otis Worldwide were worth $909,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OTIS. Federated Hermes Inc. raised its holdings in Otis Worldwide by 32.7% in the 2nd quarter. Federated Hermes Inc. now owns 473,024 shares of the company’s stock worth $45,533,000 after purchasing an additional 116,646 shares during the period. Meeder Advisory Services Inc. raised its stake in shares of Otis Worldwide by 44.4% during the 2nd quarter. Meeder Advisory Services Inc. now owns 7,883 shares of the company’s stock worth $759,000 after buying an additional 2,425 shares during the period. DekaBank Deutsche Girozentrale lifted its position in shares of Otis Worldwide by 26.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 205,529 shares of the company’s stock valued at $19,658,000 after buying an additional 42,803 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Finally, Bahl & Gaynor Inc. grew its stake in Otis Worldwide by 3.5% in the 2nd quarter. Bahl & Gaynor Inc. now owns 416,775 shares of the company’s stock valued at $40,119,000 after acquiring an additional 14,185 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.7 %

Shares of OTIS opened at $94.82 on Tuesday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84. The stock has a fifty day simple moving average of $94.44 and a two-hundred day simple moving average of $95.93. The company has a market capitalization of $37.98 billion, a PE ratio of 27.40 and a beta of 1.03.

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

Otis Worldwide Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTIS. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. 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 price target on the stock. Seven research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $98.57.

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.