Wealth Enhancement Advisory Services LLC Acquires 3,765 Shares of Otis Worldwide Co. (NYSE:OTIS)

Wealth Enhancement Advisory Services LLC grew its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,341 shares of the company's stock after buying an additional 3,765 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Otis Worldwide were worth $2,810,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings 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 last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 26.5% in the 4th quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock valued at $3,289,868,000 after acquiring an additional 7,447,860 shares during the period. Geode Capital Management LLC raised its stake in shares of Otis Worldwide by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after acquiring an additional 95,035 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Otis Worldwide by 5.9% during the fourth quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock valued at $720,980,000 after acquiring an additional 435,372 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Otis Worldwide during the fourth quarter worth $649,883,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Otis Worldwide Stock Up 0.8%

Otis Worldwide stock traded up $0.76 during trading hours on Friday, reaching $96.04. 1,669,466 shares of the company's stock were exchanged, compared to its average volume of 2,318,128. The firm's 50 day simple moving average is $96.35 and its 200 day simple moving average is $97.19. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The firm has a market capitalization of $37.90 billion, a PE ratio of 23.66 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The firm's revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.88 earnings per share. Analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.75%. This is a positive change from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's payout ratio is currently 44.09%.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 6,660 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the completion of the sale, the insider now directly owns 63,931 shares of the company's stock, valued at $6,731,934.30. The trade was a 9.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.23% of the stock is owned by corporate insiders.

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.