Envestnet Portfolio Solutions Inc. Has $1.94 Million Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Envestnet Portfolio Solutions Inc. cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 23.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,803 shares of the company’s stock after selling 5,810 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Otis Worldwide were worth $1,940,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Coldstream Capital Management Inc. lifted its holdings in Otis Worldwide by 4.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after acquiring an additional 109 shares in the last quarter. Montis Financial LLC lifted its holdings in Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock worth $205,000 after acquiring an additional 110 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Otis Worldwide by 15.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 828 shares of the company’s stock valued at $85,000 after purchasing an additional 110 shares during the period. AlTi Global Inc. raised its stake in shares of Otis Worldwide by 4.9% in the 4th quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after purchasing an additional 113 shares during the period. Finally, Dorsey & Whitney Trust CO LLC raised its stake in shares of Otis Worldwide by 1.7% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after purchasing an additional 114 shares during the period. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 2.1%

Shares of OTIS stock opened at $96.04 on Tuesday. The stock has a 50 day simple moving average of $96.28 and a 200 day simple moving average of $96.73. Otis Worldwide Corporation has a 1 year low of $89.70 and a 1 year high of $106.83. The stock has a market cap of $37.91 billion, a P/E ratio of 25.21 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.88 earnings per share. Analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a yield of 1.75%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.39. Otis Worldwide’s dividend payout ratio (DPR) is currently 44.09%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on OTIS shares. Barclays lowered their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a research report on Friday, April 25th. Wells Fargo & Company decreased their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Royal Bank Of Canada decreased their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. upped their target price on Otis Worldwide from $88.00 to $101.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $100.71.

About Otis Worldwide

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.