Wealth Enhancement Advisory Services LLC Has $2.57 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Wealth Enhancement Advisory Services LLC boosted its stake in Otis Worldwide Co. (NYSE:OTIS) by 4.6% during the fourth quarter, Holdings Channel reports. The institutional investor 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 filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Riverview Trust Co acquired a new stake in Otis Worldwide in the 3rd quarter worth about $25,000. Cranbrook Wealth Management LLC increased its position in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the 3rd quarter valued at about $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at approximately $29,000. Finally, Fortitude Family Office LLC lifted its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. 88.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. The trade was a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

OTIS has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Wolfe Research lowered shares of 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. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Finally, Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $103.50.

Otis Worldwide Stock Performance

OTIS stock opened at $91.72 on Wednesday. The company has a market capitalization of $36.64 billion, a P/E ratio of 22.87 and a beta of 1.06. The company has a fifty day moving average price of $97.23 and a 200-day moving average price of $97.34. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33.

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

Otis Worldwide Dividend Announcement

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

Otis Worldwide Company 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.