Raymond James Financial Services Advisors Inc. lifted its holdings in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 1.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 73,151 shares of the company’s stock after acquiring an additional 794 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Otis Worldwide were worth $4,667,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Parnassus Investments LLC purchased a new stake in Otis Worldwide in the 2nd quarter worth about $202,187,000. Brown Advisory Inc. lifted its position in shares of Otis Worldwide by 203.3% in the second quarter. Brown Advisory Inc. now owns 3,161,650 shares of the company’s stock worth $223,434,000 after purchasing an additional 2,119,272 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares during the period. Goldman Sachs Group Inc. grew its position in Otis Worldwide by 66.9% during the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock valued at $265,764,000 after purchasing an additional 1,384,353 shares in the last quarter. Finally, Pensioenfonds Rail & OV acquired a new position in Otis Worldwide in the 2nd quarter valued at approximately $73,893,000. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently commented on the stock. Wells Fargo & Company boosted their price target on shares of Otis Worldwide from $65.00 to $71.00 and gave the company an “underweight” rating in a report on Thursday, January 5th. Credit Suisse Group upped their target price on Otis Worldwide from $73.00 to $76.00 and gave the stock a “neutral” rating in a research report on Thursday, October 27th. Barclays downgraded Otis Worldwide from an “overweight” rating to an “equal weight” rating and set a $80.00 price target for the company. in a research note on Thursday, December 1st. Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, January 6th. They issued an “equal weight” rating and a $84.00 price target for the company. Finally, Argus cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Monday, November 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $78.30.
Otis Worldwide Stock Performance
Otis Worldwide (NYSE:OTIS – Get Rating) last issued its quarterly earnings data on Wednesday, October 26th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The business had revenue of $3.34 billion for the quarter, compared to analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 30.13% and a net margin of 8.95%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 3.15 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Saturday, December 10th. Stockholders of record on Friday, November 18th were issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date was Thursday, November 17th. Otis Worldwide’s dividend payout ratio is 39.86%.
About Otis Worldwide
Otis Worldwide Corporation manufactures, installs, and services 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.
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