Banque Pictet & Cie SA Cuts Stock Holdings in Otis Worldwide Corporation $OTIS

Key Points

• Banque Pictet & Cie SA has reduced its holdings in Otis Worldwide Corporation by 19.2%, now owning 173,344 shares worth approximately $17.17 million.
• Several institutional investors increased their stakes in Otis Worldwide, with Vanguard Group acquiring an additional 1.59 million shares in the first quarter, valuing their total holdings at approximately $4.81 billion.
• Otis Worldwide's latest earnings report showed an EPS of $1.05, slightly above estimates, despite a 0.2% decline in revenue year-over-year.

Banque Pictet & Cie SA decreased its holdings in shares of Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 19.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 173,344 shares of the company's stock after selling 41,194 shares during the period. Banque Pictet & Cie SA's holdings in Otis Worldwide were worth $17,165,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Otis Worldwide by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock worth $4,808,634,000 after buying an additional 1,591,450 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Otis Worldwide by 6.7% in the 1st quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after buying an additional 2,396,134 shares during the last quarter. PineStone Asset Management Inc. grew its position in shares of Otis Worldwide by 13.3% in the 2nd quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock worth $459,360,000 after buying an additional 543,933 shares during the last quarter. Invesco Ltd. grew its position in shares of Otis Worldwide by 4.7% in the 1st quarter. Invesco Ltd. now owns 4,238,600 shares of the company's stock worth $437,424,000 after buying an additional 190,397 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Otis Worldwide by 16.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock worth $427,049,000 after buying an additional 571,489 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS opened at $89.40 on Friday. The firm has a fifty day moving average price of $88.47 and a 200 day moving average price of $94.53. Otis Worldwide Corporation has a 1 year low of $84.25 and a 1 year high of $106.83. The stock has a market cap of $35.09 billion, a P/E ratio of 23.65, a P/E/G ratio of 4.27 and a beta of 0.98.

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

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 5th. Investors of record on Friday, August 15th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, August 15th. Otis Worldwide's payout ratio is currently 44.44%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OTIS. Morgan Stanley lifted their price objective on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Thursday, July 24th. Zacks Research downgraded shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide has an average rating of "Hold" and a consensus target price of $103.00.

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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