Wealth Enhancement Advisory Services LLC Trims Holdings in Otis Worldwide Corporation $OTIS

Wealth Enhancement Advisory Services LLC cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 4.2% in the fourth quarter, Holdings Channel reports. The fund owned 151,246 shares of the company’s stock after selling 6,585 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Otis Worldwide were worth $13,601,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Oakworth Capital Inc. raised its stake in Otis Worldwide by 49.1% during the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the period. Cookson Peirce & Co. Inc. raised its position in shares of Otis Worldwide by 1.8% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after buying an additional 115 shares during the period. OLD National Bancorp IN grew its position in Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after acquiring an additional 118 shares during the period. Physician Wealth Advisors Inc. increased its stake in Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock worth $31,000 after acquiring an additional 124 shares during the last quarter. Finally, Cary Street Partners Financial LLC raised its position in Otis Worldwide by 2.6% in the third quarter. Cary Street Partners Financial LLC now owns 5,165 shares of the company’s stock valued at $472,000 after purchasing an additional 132 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $77.41 on Friday. The stock has a market capitalization of $30.09 billion, a price-to-earnings ratio of 22.12, a price-to-earnings-growth ratio of 2.37 and a beta of 1.00. The business has a 50-day moving average of $87.80 and a 200 day moving average of $88.85. Otis Worldwide Corporation has a 12 month low of $77.29 and a 12 month high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.93 earnings per share. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were issued a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the sale, the insider owned 29,176 shares in the company, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 158,013 shares of company stock valued at $14,337,635. Company insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a report on Friday, January 30th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company dropped their price target on shares of 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, BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. 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, the company presently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Profile

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.