Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Raymond James Trust N.A.

Raymond James Trust N.A. trimmed its position in Otis Worldwide Co. (NYSE:OTIS) by 1.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,288 shares of the company’s stock after selling 193 shares during the quarter. Raymond James Trust N.A.’s holdings in Otis Worldwide were worth $1,087,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Jamison Private Wealth Management Inc. raised its holdings in shares of Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the period. LifeSteps Financial Inc. bought a new stake in Otis Worldwide in the first quarter worth about $31,000. Versant Capital Management Inc grew its position in Otis Worldwide by 125.0% in the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after buying an additional 205 shares during the last quarter. Pacific Capital Wealth Advisors Inc. acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $35,000. Finally, GPS Wealth Strategies Group LLC lifted its stake in Otis Worldwide by 1,314.3% during the second quarter. GPS Wealth Strategies Group LLC now owns 396 shares of the company’s stock valued at $38,000 after buying an additional 368 shares in the last quarter. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wells Fargo & Company reduced their price objective on 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. Argus raised their price objective on Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Stock Performance

NYSE OTIS traded up $0.26 during trading on Monday, hitting $94.46. The stock had a trading volume of 36,098 shares, compared to its average volume of 2,083,888. The company has a market capitalization of $38.19 billion, a PE ratio of 27.23 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.84. The company’s 50-day moving average price is $95.38 and its two-hundred day moving average price is $95.77.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide’s dividend payout ratio (DPR) 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.