Envestnet Portfolio Solutions Inc. Has $1.94 Million Stock Position in Otis Worldwide Corporation (NYSE:OTIS)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 23.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,803 shares of the company's stock after selling 5,810 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Otis Worldwide were worth $1,940,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Premier Path Wealth Partners LLC boosted its holdings in shares of Otis Worldwide by 15.6% during the 1st quarter. Premier Path Wealth Partners LLC now owns 2,981 shares of the company's stock valued at $308,000 after acquiring an additional 402 shares in the last quarter. Institute for Wealth Management LLC. bought a new stake in shares of Otis Worldwide in the 1st quarter valued at about $211,000. Johnson Investment Counsel Inc. grew its position in shares of Otis Worldwide by 1.8% in the 1st quarter. Johnson Investment Counsel Inc. now owns 9,095 shares of the company's stock valued at $939,000 after buying an additional 160 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Otis Worldwide by 1.9% in the 1st quarter. State of Alaska Department of Revenue now owns 46,426 shares of the company's stock valued at $4,791,000 after buying an additional 880 shares during the last quarter. Finally, CWA Asset Management Group LLC bought a new stake in shares of Otis Worldwide in the 1st quarter valued at about $262,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded up $1.48 during midday trading on Tuesday, reaching $97.46. The company's stock had a trading volume of 2,929,937 shares, compared to its average volume of 2,335,746. The firm has a market capitalization of $38.46 billion, a price-to-earnings ratio of 25.58 and a beta of 0.98. The firm has a 50 day moving average price of $96.25 and a two-hundred day moving average price of $96.74. Otis Worldwide Corporation has a fifty-two week low of $89.70 and a fifty-two week high of $106.83.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 6th. Investors of record on Friday, May 16th were paid a dividend of $0.42 per share. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Friday, May 16th. Otis Worldwide's dividend payout ratio is 44.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on OTIS shares. Royal Bank Of Canada reduced their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. Barclays reduced their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. upped their price target on Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company reduced their price target on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and an average price target of $100.71.

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.