Raymond James Financial Inc. Makes New Investment in Otis Worldwide Co. (NYSE:OTIS)

Raymond James Financial Inc. acquired a new position in shares of Otis Worldwide Co. (NYSE:OTIS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 264,013 shares of the company’s stock, valued at approximately $24,451,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in OTIS. Aster Capital Management DIFC Ltd bought a new position in Otis Worldwide during the 4th quarter worth about $28,000. Fortitude Family Office LLC raised its position in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 267 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Otis Worldwide during the 4th quarter worth approximately $33,000. Flagship Wealth Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $34,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company decreased 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, Barclays increased their price objective on Otis Worldwide from $91.00 to $92.00 and gave the company an “underweight” rating in a report on Wednesday, March 26th. Two 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. Based on data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $100.88.

Otis Worldwide Trading Up 1.8 %

OTIS stock opened at $98.53 on Friday. The business’s 50 day simple moving average is $99.30 and its 200 day simple moving average is $98.62. Otis Worldwide Co. has a 1-year low of $89.70 and a 1-year high of $106.83. The firm has a market capitalization of $39.07 billion, a PE ratio of 24.27 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data 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 net margin of 11.53% and a negative return on equity of 31.76%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.58%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its board has authorized a stock buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is 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 that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the transaction, 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 hyperlink. Also, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction that occurred on 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 112,281 shares of company stock valued at $10,747,553 in the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Otis Worldwide Company 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.