Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Lessened by Raymond James & Associates

Raymond James & Associates reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 182,937 shares of the company’s stock after selling 5,103 shares during the quarter. Raymond James & Associates’ holdings in Otis Worldwide were worth $17,610,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jamison Private Wealth Management Inc. boosted its stake in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after buying an additional 286 shares during the period. LifeSteps Financial Inc. acquired a new stake in Otis Worldwide during the first quarter valued at $31,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Otis Worldwide in the fourth quarter valued at about $35,000. Accent Capital Management LLC acquired a new position in Otis Worldwide in the 4th quarter worth about $36,000. Finally, Versant Capital Management Inc increased its position in Otis Worldwide by 125.0% in the 2nd quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after purchasing an additional 205 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on OTIS shares. JPMorgan Chase & Co. boosted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Wells Fargo & Company decreased their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, Argus raised their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Stock Down 0.2 %

Shares of Otis Worldwide stock opened at $93.73 on Friday. Otis Worldwide Co. has a 12-month low of $73.32 and a 12-month high of $100.84. The stock has a 50 day moving average price of $95.44 and a two-hundred day moving average price of $95.72. The stock has a market capitalization of $37.54 billion, a P/E ratio of 27.09 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. Otis Worldwide’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 EPS. Sell-side analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a $0.39 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.66%. Otis Worldwide’s payout ratio is presently 45.09%.

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.