Otis Worldwide Corporation $OTIS Shares Sold by Banque Pictet & Cie SA

Banque Pictet & Cie SA lessened its position in shares of Otis Worldwide Corporation (NYSE:OTIS) by 11.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,657 shares of the company’s stock after selling 6,451 shares during the quarter. Banque Pictet & Cie SA’s holdings in Otis Worldwide were worth $4,512,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its holdings in Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after buying an additional 304 shares during the period. Empowered Funds LLC lifted its stake in Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after acquiring an additional 857 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock valued at $417,000 after acquiring an additional 1,574 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Otis Worldwide by 6.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 37,406 shares of the company’s stock valued at $3,704,000 after acquiring an additional 2,215 shares during the last quarter. Finally, Lido Advisors LLC increased its stake in shares of Otis Worldwide by 35.6% in the second quarter. Lido Advisors LLC now owns 11,344 shares of the company’s stock worth $1,123,000 after acquiring an additional 2,976 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTIS. Barclays reduced their target price on shares of Otis Worldwide from $90.00 to $80.00 and set an “underweight” rating for the company in a report on Wednesday. Wells Fargo & Company cut their price target on Otis Worldwide from $92.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research note on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $98.78.

Otis Worldwide Stock Performance

OTIS opened at $78.00 on Friday. The company has a fifty day moving average of $86.54 and a two-hundred day moving average of $88.45. The stock has a market capitalization of $30.32 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 2.32 and a beta of 1.05. Otis Worldwide Corporation has a fifty-two week low of $75.27 and a fifty-two week high of $105.95.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the firm earned $0.93 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were given a $0.42 dividend. The ex-dividend date was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide’s payout ratio is 48.00%.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This represents a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 158,013 shares of company stock valued at $14,337,635 in the last 90 days. Corporate insiders own 0.23% of the company’s stock.

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.