Wealth Enhancement Advisory Services LLC Reduces Stake in Otis Worldwide Corporation $OTIS

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

Several other institutional investors and hedge funds have also bought and sold shares of OTIS. Maridea Wealth Management LLC acquired a new position in Otis Worldwide during the fourth quarter valued at $231,000. Nordea Investment Management AB raised its stake in shares of Otis Worldwide by 7.3% during the 4th quarter. Nordea Investment Management AB now owns 76,564 shares of the company’s stock valued at $6,707,000 after buying an additional 5,237 shares during the last quarter. Procyon Advisors LLC raised its stake in shares of Otis Worldwide by 119.9% during the 4th quarter. Procyon Advisors LLC now owns 32,857 shares of the company’s stock valued at $2,870,000 after buying an additional 17,912 shares during the last quarter. Aventura Private Wealth LLC acquired a new position in shares of Otis Worldwide in the 4th quarter valued at about $67,000. Finally, Board of the Pension Protection Fund purchased a new stake in shares of Otis Worldwide in the fourth quarter worth about $35,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. New Street Research set a $98.00 price target on Otis Worldwide in a report on Friday, January 30th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Finally, JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and a consensus price target of $101.44.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the sale, the chief accounting officer owned 3,504 shares of the company’s stock, valued at $315,570.24. The trade was a 25.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Neil Green sold 6,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 158,013 shares of company stock worth $14,337,635. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $77.41 on Friday. The stock has a market capitalization of $30.09 billion, a P/E ratio of 22.12, a P/E/G ratio of 2.37 and a beta of 1.00. The company’s fifty day moving average price is $87.80 and its 200 day moving average price is $88.85. Otis Worldwide Corporation has a 1 year low of $77.29 and a 1 year high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate 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 revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.93 earnings per share. Sell-side analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s dividend payout ratio is currently 48.00%.

Otis Worldwide Company 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.