Banque Pictet & Cie SA Reduces Stock Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Banque Pictet & Cie SA cut its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 214,538 shares of the company's stock after selling 32,086 shares during the quarter. Banque Pictet & Cie SA owned about 0.05% of Otis Worldwide worth $22,140,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in OTIS. Proficio Capital Partners LLC bought a new stake in shares of Otis Worldwide in the fourth quarter valued at $193,000. Assetmark Inc. raised its stake in shares of Otis Worldwide by 178.4% in the fourth quarter. Assetmark Inc. now owns 1,325 shares of the company's stock valued at $123,000 after buying an additional 849 shares during the period. Atria Investments Inc raised its stake in shares of Otis Worldwide by 21.2% in the fourth quarter. Atria Investments Inc now owns 13,149 shares of the company's stock valued at $1,218,000 after buying an additional 2,304 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Otis Worldwide in the fourth quarter valued at $24,451,000. Finally, Callan Family Office LLC purchased a new position in shares of Otis Worldwide in the fourth quarter valued at $331,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

OTIS traded down $0.55 on Friday, reaching $99.41. The company had a trading volume of 1,187,189 shares, compared to its average volume of 2,324,383. Otis Worldwide Corporation has a 52-week low of $89.70 and a 52-week high of $106.83. The business has a 50 day simple moving average of $97.08 and a 200 day simple moving average of $97.00. The company has a market cap of $39.24 billion, a price-to-earnings ratio of 26.09 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 10.83% and a negative return on equity of 31.72%. The business had revenue of $3.35 billion for the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the business earned $0.88 earnings per share. The business's quarterly revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were issued a $0.42 dividend. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.68 annualized dividend and a dividend yield of 1.69%. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on OTIS shares. Royal Bank Of Canada reduced their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Wells Fargo & Company lifted their price target on Otis Worldwide from $95.00 to $100.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley lifted their price target on Otis Worldwide from $97.00 to $105.00 and gave the company an "equal weight" rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Barclays upped their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an "underweight" rating in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $102.86.

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.