Raymond James Financial Inc. Invests $24.45 Million in Otis Worldwide Co. (NYSE:OTIS)

Raymond James Financial Inc. bought a new stake in Otis Worldwide Co. (NYSE:OTIS - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 264,013 shares of the company's stock, valued at approximately $24,451,000. Raymond James Financial Inc. owned approximately 0.07% of Otis Worldwide at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in OTIS. M&T Bank Corp boosted its stake in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after buying an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock valued at $5,111,000 after purchasing an additional 4,918 shares in the last quarter. PineStone Asset Management Inc. grew its holdings in shares of Otis Worldwide by 4.2% during the 4th quarter. PineStone Asset Management Inc. now owns 3,002,419 shares of the company's stock valued at $278,054,000 after purchasing an additional 121,322 shares during the last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Finally, SVB Wealth LLC bought a new position in Otis Worldwide in the 4th quarter valued at approximately $337,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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Otis Worldwide Stock Up 1.0 %

OTIS traded up $1.05 during midday trading on Wednesday, hitting $102.72. 1,157,892 shares of the company were exchanged, compared to its average volume of 1,986,237. The firm's 50 day moving average price is $97.10 and its 200-day moving average price is $98.21. Otis Worldwide Co. has a 1-year low of $90.12 and a 1-year high of $106.83. The firm has a market capitalization of $40.73 billion, a P/E ratio of 25.30 and a beta of 1.05.

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 analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.52%. Otis Worldwide's payout ratio is 38.42%.

Otis Worldwide declared that its board has initiated a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have weighed in on OTIS. JPMorgan Chase & Co. decreased their target price on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. Barclays reduced their price objective on Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $102.88.

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 stock was 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 directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Montlivault Stephane De sold 6,660 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This trade represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is currently owned by 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.