Otis Worldwide Corporation $OTIS Shares Sold by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG lessened its position in Otis Worldwide Corporation (NYSE:OTIS) by 80.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,196 shares of the company’s stock after selling 63,046 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Otis Worldwide were worth $1,389,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of OTIS. Vanguard Group Inc. raised its position in Otis Worldwide by 4.3% in the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after acquiring an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Otis Worldwide by 3.2% in the 2nd quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after purchasing an additional 603,860 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Otis Worldwide by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after purchasing an additional 129,458 shares during the last quarter. Norges Bank bought a new stake in shares of Otis Worldwide in the 2nd quarter worth approximately $721,614,000. Finally, PineStone Asset Management Inc. lifted its stake in Otis Worldwide by 13.3% during the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company’s stock valued at $459,360,000 after purchasing an additional 543,933 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.7%

Shares of Otis Worldwide stock opened at $87.37 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a market cap of $34.05 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 3.33 and a beta of 1.02. The business has a fifty day simple moving average of $88.78 and a 200-day simple moving average of $90.59.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the prior year, the business earned $0.96 EPS. The business’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. Analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were given a $0.42 dividend. The ex-dividend date was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s dividend payout ratio is presently 49.56%.

Insider Activity

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.23% of the stock is owned by company insiders.

Analyst Ratings Changes

OTIS has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday. Wall Street Zen raised Otis Worldwide from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $103.50.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.