Pictet North America Advisors SA Has $10.75 Million Holdings in Otis Worldwide Corporation (NYSE:OTIS)

Pictet North America Advisors SA increased its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 7.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 104,164 shares of the company's stock after purchasing an additional 7,556 shares during the quarter. Pictet North America Advisors SA's holdings in Otis Worldwide were worth $10,750,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Otis Worldwide by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 45,003,843 shares of the company's stock worth $4,167,806,000 after buying an additional 149,123 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 26.5% in the fourth quarter. JPMorgan Chase & Co. now owns 35,523,891 shares of the company's stock worth $3,289,868,000 after acquiring an additional 7,447,860 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Otis Worldwide by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 11,126,735 shares of the company's stock valued at $1,031,787,000 after purchasing an additional 95,035 shares in the last quarter. Franklin Resources Inc. increased its stake in Otis Worldwide by 5.9% during the 4th quarter. Franklin Resources Inc. now owns 7,785,116 shares of the company's stock worth $720,980,000 after purchasing an additional 435,372 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $649,883,000. 88.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OTIS has been the subject of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of Otis Worldwide from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Barclays lowered their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Finally, Royal Bank Of Canada decreased their price target on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Otis Worldwide has a consensus rating of "Hold" and an average price target of $101.43.

Otis Worldwide Trading Down 0.6%

OTIS stock traded down $0.65 during trading hours on Wednesday, hitting $99.78. 1,709,168 shares of the stock were exchanged, compared to its average volume of 2,328,513. Otis Worldwide Corporation has a 12 month low of $89.70 and a 12 month high of $106.83. The firm has a market capitalization of $39.38 billion, a P/E ratio of 26.19 and a beta of 0.98. The company has a 50-day simple moving average of $96.28 and a two-hundred day simple moving average of $96.71.

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

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 6th. Stockholders of record on Friday, May 16th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.68%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, May 16th. Otis Worldwide's payout ratio is presently 44.09%.

Otis Worldwide 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.