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

Envestnet Asset Management Inc. increased its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 9.9% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 446,138 shares of the company’s stock after purchasing an additional 40,289 shares during the period. Envestnet Asset Management Inc. owned approximately 0.11% of Otis Worldwide worth $40,790,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at $26,000. Chilton Capital Management LLC purchased a new stake in Otis Worldwide during the second quarter worth about $31,000. Nemes Rush Group LLC lifted its position in shares of Otis Worldwide by 75.4% during the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide during the third quarter worth about $31,000. Finally, Westside Investment Management Inc. boosted its stake in shares of Otis Worldwide by 100.0% in the third quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock valued at $31,000 after purchasing an additional 168 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the sale, the chief executive officer owned 231,072 shares in the company, valued at $21,002,134.08. This represents a 19.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 110,069 shares of company stock valued at $9,914,801. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Zacks Research upgraded Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $90.03 on Wednesday. The stock’s 50-day moving average is $88.54 and its two-hundred day moving average is $88.87. Otis Worldwide Corporation has a 1 year low of $84.00 and a 1 year high of $106.83. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 2.69 and a beta of 1.01.

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

Otis Worldwide Announces Dividend

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

About Otis Worldwide

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.