Envestnet Asset Management Inc. Has $51.68 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Envestnet Asset Management Inc. grew its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 558,086 shares of the company's stock after purchasing an additional 12,310 shares during the quarter. Envestnet Asset Management Inc. owned about 0.14% of Otis Worldwide worth $51,684,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OTIS. Morse Asset Management Inc bought a new stake in shares of Otis Worldwide during the third quarter worth $130,000. Stifel Financial Corp lifted its position in Otis Worldwide by 3.7% during the 3rd quarter. Stifel Financial Corp now owns 87,852 shares of the company's stock valued at $9,132,000 after purchasing an additional 3,120 shares during the period. EP Wealth Advisors LLC grew its position in shares of Otis Worldwide by 7.2% during the 3rd quarter. EP Wealth Advisors LLC now owns 6,407 shares of the company's stock worth $666,000 after buying an additional 428 shares during the period. MML Investors Services LLC raised its stake in shares of Otis Worldwide by 1.5% during the third quarter. MML Investors Services LLC now owns 69,208 shares of the company's stock worth $7,193,000 after buying an additional 1,038 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Otis Worldwide by 4.1% in the third quarter. Nomura Asset Management Co. Ltd. now owns 121,046 shares of the company's stock valued at $12,582,000 after acquiring an additional 4,784 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

A number of research firms have recently weighed in on OTIS. Barclays increased their price target on Otis Worldwide from $91.00 to $92.00 and gave the company an "underweight" rating in a research note on Wednesday, March 26th. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $100.88.

Otis Worldwide Stock Performance

OTIS stock traded up $0.45 during mid-day trading on Tuesday, hitting $98.97. 712,311 shares of the company were exchanged, compared to its average volume of 2,184,777. The firm has a market cap of $39.24 billion, a P/E ratio of 24.38 and a beta of 1.00. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The firm's 50 day simple moving average is $99.11 and its 200 day simple moving average is $98.70.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Friday, February 14th. Otis Worldwide's dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Judith Fran Marks sold 38,012 shares of the company's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Nora E. Lafreniere sold 4,775 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $450,807.75. Following the completion of the sale, the executive vice president now directly owns 24,927 shares of the company's stock, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last three months. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide 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.