Otis Worldwide Co. (NYSE:OTIS) Shares Purchased by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. raised its holdings in Otis Worldwide Co. (NYSE:OTIS) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,613 shares of the company’s stock after purchasing an additional 1,243 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Otis Worldwide were worth $2,279,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC boosted its holdings in Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at $33,000. Golden State Wealth Management LLC purchased a new stake in Otis Worldwide in the fourth quarter valued at $34,000. Truvestments Capital LLC purchased a new stake in Otis Worldwide in the third quarter valued at $36,000. Finally, OFI Invest Asset Management purchased a new stake in Otis Worldwide in the fourth quarter valued at $37,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. lowered their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Finally, Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Stock Down 0.8 %

OTIS opened at $101.90 on Friday. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.83. The company has a 50-day moving average price of $97.52 and a 200 day moving average price of $98.27. The company has a market cap of $40.40 billion, a PE ratio of 25.10 and a beta of 1.05.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, sell-side analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.53%. Otis Worldwide’s payout ratio is 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the sale, the insider now owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,281 shares of company stock worth $10,747,553. Insiders own 0.23% of the company’s stock.

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.