Wealth Enhancement Advisory Services LLC Acquires 1,220 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wealth Enhancement Advisory Services LLC boosted its holdings in Otis Worldwide Co. (NYSE:OTIS) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 27,796 shares of the company’s stock after buying an additional 1,220 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Otis Worldwide were worth $2,574,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Franklin Resources Inc. grew its stake in Otis Worldwide by 58.3% in the third quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Van ECK Associates Corp grew its stake in Otis Worldwide by 3,673.6% in the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares during the period. National Bank of Canada FI increased its holdings in shares of Otis Worldwide by 274.2% in the third quarter. National Bank of Canada FI now owns 714,413 shares of the company’s stock worth $74,250,000 after acquiring an additional 523,518 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Otis Worldwide by 11.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after purchasing an additional 391,206 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $91.72 on Wednesday. The company has a market cap of $36.64 billion, a price-to-earnings ratio of 22.87 and a beta of 1.06. The firm has a 50-day moving average of $97.23 and a 200-day moving average of $97.34. Otis Worldwide Co. has a one year low of $85.42 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The business’s revenue for the quarter was up .7% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. As a group, sell-side analysts expect that Otis Worldwide Co. will post 3.86 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.70%. Otis Worldwide’s payout ratio is 38.90%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Barclays lowered their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a report on Thursday, December 12th. Finally, UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $103.50.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide 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.