Bank Pictet & Cie Europe AG Acquires 9,183 Shares of Otis Worldwide Corporation $OTIS

Key Points

• Bank Pictet & Cie Europe AG increased its stake in Otis Worldwide Corporation by 13.3%, acquiring an additional 9,183 shares, bringing its total holdings to 78,242 shares valued at $7,748,000.
• Otis Worldwide recently reported a Q2 EPS of $1.05, exceeding the consensus estimate of $1.03, but fell short of revenue expectations with revenue of $3.60 billion compared to $3.73 billion expected.
• The company declared a quarterly dividend of $0.42 per share, resulting in an annualized dividend yield of 1.9% and a payout ratio of 44.44%.

Bank Pictet & Cie Europe AG grew its holdings in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 78,242 shares of the company's stock after acquiring an additional 9,183 shares during the quarter. Bank Pictet & Cie Europe AG's holdings in Otis Worldwide were worth $7,748,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Otis Worldwide by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after acquiring an additional 1,591,450 shares during the period. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 6.7% during the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. PineStone Asset Management Inc. raised 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 worth $459,360,000 after acquiring an additional 543,933 shares in the last quarter. Invesco Ltd. raised its stake in Otis Worldwide by 4.7% during the first quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock worth $437,424,000 after acquiring an additional 190,397 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Otis Worldwide by 16.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after acquiring an additional 571,489 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. Royal Bank Of Canada lowered their price objective on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. Barclays lowered their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Thursday, July 24th. Finally, Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Price Performance

Shares of OTIS stock opened at $89.40 on Friday. The business's 50 day simple moving average is $88.47 and its 200 day simple moving average is $94.53. Otis Worldwide Corporation has a one year low of $84.25 and a one year high of $106.83. The stock has a market capitalization of $35.09 billion, a PE ratio of 23.65, a PEG ratio of 4.27 and a beta of 0.98.

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

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

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.

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