Pictet North America Advisors SA Buys 1,175 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pictet North America Advisors SA raised its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 106,987 shares of the company’s stock after purchasing an additional 1,175 shares during the period. Pictet North America Advisors SA’s holdings in Otis Worldwide were worth $11,120,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its stake in shares of Otis Worldwide by 12.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock valued at $793,945,000 after purchasing an additional 907,972 shares in the last quarter. PineStone Asset Management Inc. increased its position in shares of Otis Worldwide by 138.3% during the second quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock valued at $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Sarasin & Partners LLP increased its position in shares of Otis Worldwide by 27.2% during the second quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock valued at $398,061,000 after acquiring an additional 883,659 shares in the last quarter. Legal & General Group Plc increased its position in shares of Otis Worldwide by 0.4% during the second quarter. Legal & General Group Plc now owns 3,660,401 shares of the company’s stock valued at $352,351,000 after acquiring an additional 15,021 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Otis Worldwide by 4.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,191,118 shares of the company’s stock valued at $316,782,000 after acquiring an additional 126,684 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OTIS shares. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Barclays raised their target price on shares of Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.71.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $102.96 on Wednesday. The company’s fifty day simple moving average is $97.69 and its 200-day simple moving average is $96.67. The stock has a market capitalization of $41.24 billion, a PE ratio of 28.76 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $106.33.

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

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 16th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.52%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is presently 43.58%.

About Otis Worldwide

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.