Otis Worldwide Corporation $OTIS Stock Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Otis Worldwide position by 36.8% in the second quarter, purchasing 170,600 additional shares and bringing its holdings to 634,538 shares worth approximately $45.4 million.
• Institutional investors own about 88.03% of Otis Worldwide, with State Street, National Pension Service and other funds also raising their positions or initiating new stakes.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and $92.64 price target. Otis reported quarterly revenue of $3.86 billion, up 7.3% year over year, and pays a $0.44 quarterly dividend, yielding about 2.7%.

Envestnet Asset Management Inc. boosted its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 36.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 634,538 shares of the company's stock after purchasing an additional 170,600 shares during the period. Envestnet Asset Management Inc. owned about 0.17% of Otis Worldwide worth $45,433,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Andra AP fonden bought a new stake in Otis Worldwide during the second quarter valued at about $3,695,000. State Street Corp raised its stake in shares of Otis Worldwide by 2.9% in the second quarter. State Street Corp now owns 16,664,994 shares of the company's stock worth $1,193,214,000 after buying an additional 463,491 shares during the period. Sequoia Financial Advisors LLC raised its stake in shares of Otis Worldwide by 12.6% in the second quarter. Sequoia Financial Advisors LLC now owns 10,387 shares of the company's stock worth $744,000 after buying an additional 1,166 shares during the period. Van Hulzen Asset Management LLC bought a new position in shares of Otis Worldwide in the second quarter worth about $286,000. Finally, National Pension Service lifted its position in shares of Otis Worldwide by 16.6% during the 2nd quarter. National Pension Service now owns 761,439 shares of the company's stock valued at $54,519,000 after buying an additional 108,638 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on OTIS. Evercore reiterated an "outperform" rating and set a $95.00 price objective on shares of Otis Worldwide in a research note on Thursday, July 23rd. Wells Fargo & Company assumed coverage on shares of Otis Worldwide in a research note on Thursday. They set an "underweight" rating and a $77.00 target price on the stock. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Otis Worldwide in a report on Monday, September 21st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research note on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus price target of $92.64.

Otis Worldwide Trading Up 0.1%

NYSE:OTIS opened at $65.97 on Monday. The company has a market capitalization of $25.11 billion, a P/E ratio of 16.96, a P/E/G ratio of 2.32 and a beta of 0.88. Otis Worldwide Corporation has a 12 month low of $65.87 and a 12 month high of $94.57. The business's 50-day moving average is $71.11 and its 200 day moving average is $73.88.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting the consensus estimate of $1.01. Otis Worldwide had a negative return on equity of 28.50% and a net margin of 10.17%.The business had revenue of $3.86 billion during the quarter, compared to analysts' expectations of $3.76 billion. During the same quarter last year, the business posted $1.05 EPS. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. On average, research analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 11th. Shareholders of record on Friday, August 14th were paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, August 14th. Otis Worldwide's payout ratio is presently 45.24%.

Otis Worldwide Profile

Otis Worldwide Corporation NYSE: OTIS designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company's offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.

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