Envestnet Portfolio Solutions Inc. Sells 2,066 Shares of Otis Worldwide Corporation $OTIS

Envestnet Portfolio Solutions Inc. cut its stake in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,737 shares of the company’s stock after selling 2,066 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Otis Worldwide were worth $1,657,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kingswood Wealth Advisors LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at about $225,000. Sowell Financial Services LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at about $291,000. CWA Asset Management Group LLC bought a new stake in shares of Otis Worldwide during the first quarter valued at about $262,000. JPMorgan Chase & Co. increased its position in shares of Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company’s stock valued at $3,913,347,000 after buying an additional 2,396,134 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in shares of Otis Worldwide by 1.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 31,673 shares of the company’s stock worth $3,269,000 after purchasing an additional 371 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Price Performance

Shares of OTIS opened at $91.39 on Friday. The firm has a market cap of $35.87 billion, a P/E ratio of 24.18, a P/E/G ratio of 3.56 and a beta of 1.00. The stock has a 50 day simple moving average of $88.92 and a two-hundred day simple moving average of $93.34. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.06 earnings per share. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, August 15th. Otis Worldwide’s dividend payout ratio is currently 44.44%.

Analyst Ratings Changes

Several research analysts have recently commented on OTIS shares. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a report on Wednesday. Barclays cut their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a report on Thursday, July 24th. Royal Bank Of Canada cut their price objective on Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Wells Fargo & Company boosted their price objective on Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Finally, Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $104.63.

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.