Otis Worldwide Corporation (NYSE:OTIS) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 481,165 shares of the company's stock after selling 76,921 shares during the period. Envestnet Asset Management Inc. owned approximately 0.12% of Otis Worldwide worth $49,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Otis Worldwide by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock valued at $4,167,806,000 after buying an additional 149,123 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 26.5% during the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after purchasing an additional 7,447,860 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock worth $1,031,787,000 after purchasing an additional 95,035 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Otis Worldwide during the 4th quarter worth $649,883,000. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Trading Down 0.6%

Shares of Otis Worldwide stock traded down $0.55 on Friday, reaching $99.41. 1,187,189 shares of the stock were exchanged, compared to its average volume of 2,324,383. Otis Worldwide Corporation has a 1-year low of $89.70 and a 1-year high of $106.83. The business has a fifty day moving average price of $97.08 and a two-hundred day moving average price of $97.00. The firm has a market capitalization of $39.23 billion, a PE ratio of 26.09 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The business's revenue was down 2.5% compared to the same quarter last year. Research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 6th. Shareholders of record on Friday, May 16th were given a dividend of $0.42 per share. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 annualized dividend and a yield of 1.69%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is presently 44.09%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on OTIS shares. Barclays lifted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday. Royal Bank Of Canada decreased their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Wells Fargo & Company lifted their price objective on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. JPMorgan Chase & Co. boosted their price target on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Morgan Stanley lifted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average target price of $102.86.

About Otis Worldwide

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.