Envestnet Asset Management Inc. Boosts Holdings in Otis Worldwide Corporation $OTIS

Envestnet Asset Management Inc. raised its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 446,138 shares of the company’s stock after purchasing an additional 40,289 shares during the period. Envestnet Asset Management Inc.’s holdings in Otis Worldwide were worth $40,790,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Allied Investment Advisors LLC raised its stake in shares of Otis Worldwide by 6.0% during the third quarter. Allied Investment Advisors LLC now owns 118,761 shares of the company’s stock valued at $10,858,000 after purchasing an additional 6,770 shares during the period. Pinnacle Financial Partners Inc grew its holdings in Otis Worldwide by 19.6% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 77,492 shares of the company’s stock valued at $7,085,000 after purchasing an additional 12,721 shares in the last quarter. Atlantic Union Bankshares Corp increased its stake in Otis Worldwide by 48.2% during the 2nd quarter. Atlantic Union Bankshares Corp now owns 58,088 shares of the company’s stock worth $5,752,000 after buying an additional 18,881 shares during the period. Natixis lifted its holdings in Otis Worldwide by 226.4% in the 2nd quarter. Natixis now owns 84,026 shares of the company’s stock worth $8,320,000 after buying an additional 58,286 shares in the last quarter. Finally, Carnegie Investment Counsel boosted its position in Otis Worldwide by 19.9% in the 3rd quarter. Carnegie Investment Counsel now owns 234,368 shares of the company’s stock valued at $21,428,000 after buying an additional 38,931 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on OTIS shares. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a report on Friday, January 30th. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a research note on Friday, January 30th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Trading Up 0.8%

OTIS stock opened at $90.03 on Wednesday. The stock’s 50 day simple moving average is $88.54 and its 200 day simple moving average is $88.87. Otis Worldwide Corporation has a 12-month low of $84.00 and a 12-month high of $106.83. The firm has a market cap of $35.00 billion, a P/E ratio of 25.72, a P/E/G ratio of 2.69 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $0.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, research analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. This trade represents a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 110,069 shares of company stock valued at $9,914,801 over the last three months. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.