Wealth Enhancement Advisory Services LLC Sells 3,192 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wealth Enhancement Advisory Services LLC trimmed its position in shares of Otis Worldwide Co. (NYSE:OTISFree Report) by 11.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,605 shares of the company’s stock after selling 3,192 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Otis Worldwide were worth $2,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quadrature Capital Ltd purchased a new position in shares of Otis Worldwide in the 3rd quarter worth $684,000. Advisors Asset Management Inc. grew its position in Otis Worldwide by 28.3% in the third quarter. Advisors Asset Management Inc. now owns 5,889 shares of the company’s stock worth $473,000 after acquiring an additional 1,300 shares in the last quarter. Alps Advisors Inc. grew its position in Otis Worldwide by 13.3% in the third quarter. Alps Advisors Inc. now owns 19,191 shares of the company’s stock worth $1,541,000 after acquiring an additional 2,257 shares in the last quarter. Lido Advisors LLC raised its position in Otis Worldwide by 18.4% during the third quarter. Lido Advisors LLC now owns 7,021 shares of the company’s stock valued at $564,000 after purchasing an additional 1,091 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after purchasing an additional 2,442,203 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors.

Insider Transactions at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $96.51 on Thursday. The company has a market cap of $39.02 billion, a PE ratio of 27.89 and a beta of 1.03. The firm’s 50 day moving average price is $96.20 and its 200-day moving average price is $94.05. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTISGet Free Report) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, analysts forecast that Otis Worldwide Co. will post 3.88 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 7th. Stockholders of record on Friday, May 17th were issued a $0.39 dividend. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is currently 45.09%.

Analysts Set New Price Targets

Several research firms recently weighed in on OTIS. Melius initiated coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays raised their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 2nd. Argus upped their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Finally, JPMorgan Chase & Co. upped their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus price target of $99.33.

Check Out Our Latest Research Report on OTIS

About Otis Worldwide

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Otis Worldwide (NYSE:OTIS)

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