Raymond James & Associates Purchases New Shares in Otis Worldwide (NASDAQ:OTIS)

Raymond James & Associates purchased a new stake in Otis Worldwide (NASDAQ:OTIS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 304,162 shares of the company’s stock, valued at approximately $17,295,000. Raymond James & Associates owned about 0.07% of Otis Worldwide at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Arthur M. Cohen & Associates LLC purchased a new stake in Otis Worldwide in the 2nd quarter valued at $1,199,000. Middleton & Co Inc MA purchased a new position in Otis Worldwide during the 2nd quarter worth $2,469,000. Bray Capital Advisors purchased a new position in Otis Worldwide during the 2nd quarter worth $340,000. Hemenway Trust Co LLC purchased a new position in Otis Worldwide during the 2nd quarter worth $646,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Otis Worldwide during the 2nd quarter worth $5,723,000.

In related news, insider Montlivault Stephane De sold 10,454 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $51.81, for a total value of $541,621.74. Following the sale, the insider now directly owns 1,403 shares of the company’s stock, valued at approximately $72,689.43. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

A number of equities analysts have commented on OTIS shares. Cowen restated a “buy” rating and set a $64.00 price objective on shares of Otis Worldwide in a research report on Monday, June 15th. HSBC began coverage on shares of Otis Worldwide in a research report on Monday, June 29th. They set a “reduce” rating and a $44.00 price objective for the company. Vertical Research began coverage on shares of Otis Worldwide in a report on Monday, April 6th. They issued a “buy” rating and a $53.00 price target for the company. Argus began coverage on shares of Otis Worldwide in a report on Thursday, June 18th. They issued a “buy” rating and a $72.00 price target for the company. Finally, Atlantic Securities began coverage on shares of Otis Worldwide in a report on Tuesday, April 14th. They issued an “overweight” rating for the company. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $58.63.

Shares of NASDAQ OTIS opened at $62.74 on Friday. The firm has a market cap of $27.17 billion and a PE ratio of 32.68. Otis Worldwide has a 52 week low of $38.00 and a 52 week high of $64.52. The company has a 50-day simple moving average of $57.45.

Otis Worldwide (NASDAQ:OTIS) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.12. The business had revenue of $3.03 billion during the quarter, compared to analyst estimates of $2.92 billion. Otis Worldwide’s revenue for the quarter was down 9.6% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 21st will be paid a $0.20 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.80 dividend on an annualized basis and a yield of 1.28%. Otis Worldwide’s payout ratio is 41.67%.

Otis Worldwide Profile

There is no company description available for Otis Worldwide Corp.

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Institutional Ownership by Quarter for Otis Worldwide (NASDAQ:OTIS)

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