Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC trimmed its stake in Otis Worldwide Co. (NYSE:OTIS) by 11.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm 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 SEC.

Other large investors have also recently made changes to their positions in the company. Brookstone Capital Management purchased a new stake in Otis Worldwide in the first quarter valued at approximately $257,000. Sarasin & Partners LLP lifted its stake in Otis Worldwide by 11.2% during the 1st quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after acquiring an additional 328,539 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the 1st quarter valued at about $40,000. FCF Advisors LLC acquired a new position in Otis Worldwide in the 1st quarter valued at about $1,920,000. Finally, Ballentine Partners LLC increased its stake in Otis Worldwide by 52.5% during the first quarter. Ballentine Partners LLC now owns 6,326 shares of the company’s stock worth $628,000 after purchasing an additional 2,179 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Wells Fargo & Company dropped their price target 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. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Finally, Argus upped their price target on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $99.33.

Insider Activity at Otis Worldwide

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

Otis Worldwide Price Performance

NYSE:OTIS opened at $96.51 on Thursday. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The firm has a market capitalization of $39.02 billion, a PE ratio of 27.89 and a beta of 1.03. The business’s fifty day moving average price is $96.20 and its 200 day moving average price is $94.05.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 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%. As a group, equities analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.62%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

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.