Wealth Enhancement Advisory Services LLC Has $2.81 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

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

Several other institutional investors also recently made changes to their positions in OTIS. Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Otis Worldwide during the fourth quarter worth about $12,291,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Otis Worldwide during the 4th quarter valued at about $29,451,000. Forum Financial Management LP grew its position in Otis Worldwide by 12.0% in the 4th quarter. Forum Financial Management LP now owns 2,893 shares of the company's stock worth $268,000 after purchasing an additional 311 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Otis Worldwide by 56.5% in the fourth quarter. Toronto Dominion Bank now owns 219,473 shares of the company's stock valued at $20,325,000 after purchasing an additional 79,200 shares during the period. Finally, Vise Technologies Inc. acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $267,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.76 during mid-day trading on Friday, hitting $96.04. 1,669,466 shares of the stock traded hands, compared to its average volume of 2,313,298. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83. The company's 50-day simple moving average is $96.51 and its 200-day simple moving average is $97.26. The firm has a market cap of $37.90 billion, a price-to-earnings ratio of 23.66 and a beta of 1.01.

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

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be issued a $0.42 dividend. 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 dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's payout ratio is presently 44.09%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction on 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 transaction, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This trade represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.23% of the company's stock.

Analyst Upgrades and Downgrades

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