Raymond James Financial Inc. Has $25.61 Million Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Raymond James Financial Inc. reduced its stake in Otis Worldwide Corporation by 6.0%, now holding 248,164 shares valued at approximately $25.61 million.
• The company reported a quarterly EPS of $1.05, surpassing analyst expectations, although its revenue of $3.60 billion fell short of estimates.
• Otis Worldwide announced a quarterly dividend of $0.42, translating to an annualized yield of 1.9%, with a payout ratio of 44.44%.

Raymond James Financial Inc. lowered its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 6.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 248,164 shares of the company's stock after selling 15,849 shares during the quarter. Raymond James Financial Inc. owned 0.06% of Otis Worldwide worth $25,611,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Stifel Financial Corp grew its holdings in shares of Otis Worldwide by 7.9% during the 4th quarter. Stifel Financial Corp now owns 94,768 shares of the company's stock worth $8,777,000 after purchasing an additional 6,916 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Otis Worldwide by 4.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after purchasing an additional 109 shares in the last quarter. Boothbay Fund Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $854,000. Oxford Asset Management LLP acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $292,000. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $3,749,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Otis Worldwide Price Performance

Otis Worldwide stock opened at $86.9250 on Tuesday. The company has a market capitalization of $34.12 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 4.26 and a beta of 0.95. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The business has a 50 day simple moving average of $93.24 and a 200 day simple moving average of $96.25.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.03 by $0.02. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%.Otis Worldwide's revenue was down .2% on a year-over-year basis. During the same quarter last year, the company earned $1.06 EPS. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. Equities analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a $0.42 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide's payout ratio is presently 44.44%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OTIS. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 price objective on the stock. Morgan Stanley lifted their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a report on Thursday, July 24th. JPMorgan Chase & Co. decreased their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating on the stock in a report on Thursday, July 24th. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, July 24th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $102.50.

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.

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