Bank Pictet & Cie Europe AG Has $6.24 Million Stock Holdings in Otis Worldwide Co. (NYSE:OTIS)

Bank Pictet & Cie Europe AG decreased its stake in Otis Worldwide Co. (NYSE:OTIS) by 3.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 67,376 shares of the company’s stock after selling 2,332 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Otis Worldwide were worth $6,240,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. M&T Bank Corp boosted its holdings in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after acquiring an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 41.0% in the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after acquiring an additional 8,161,946 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings in Otis Worldwide by 297.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after acquiring an additional 9,979 shares in the last quarter. Finally, Sarasin & Partners LLP boosted its holdings in Otis Worldwide by 6.0% in the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock worth $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several recent research reports. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 target price on the stock. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Finally, JPMorgan Chase & Co. dropped their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Price Performance

NYSE:OTIS opened at $96.77 on Friday. The company has a market capitalization of $38.37 billion, a P/E ratio of 23.83 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $90.12 and a 1 year high of $106.33. The business has a fifty day simple moving average of $94.77 and a two-hundred day simple moving average of $97.12.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide declared that its board has authorized a stock buyback plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the transaction, the executive vice president now directly owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This represents a 6.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. The trade was a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,621 shares of company stock valued at $10,046,255. Insiders own 0.23% of the company’s stock.

Otis Worldwide Company 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.