Otis Worldwide Corporation $OTIS Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Otis Worldwide stake by 73.6% in the third quarter, selling 624,779 shares and retaining 223,659 shares valued at about $14.4 million.
• Otis reported quarterly adjusted earnings of $1.05 per share, beating the $1.01 consensus, while revenue rose 6.1% year over year to $3.91 billion.
• Analyst opinions were mixed, with a consensus rating of Hold and an average price target of $91.20; the company also declared a quarterly dividend of $0.44 per share.

Pictet Asset Management Holding SA trimmed its stake in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 73.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 223,659 shares of the company's stock after selling 624,779 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of Otis Worldwide worth $14,386,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Otis Worldwide in the second quarter worth about $2,264,017,000. State Street Corp lifted its holdings in shares of Otis Worldwide by 2.9% in the second quarter. State Street Corp now owns 16,664,994 shares of the company's stock valued at $1,193,214,000 after purchasing an additional 463,491 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Otis Worldwide in the second quarter valued at $423,739,000. Van ECK Associates Corp boosted its position in shares of Otis Worldwide by 0.6% in the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company's stock worth $285,900,000 after buying an additional 24,914 shares during the period. Finally, Canoe Financial LP grew its holdings in shares of Otis Worldwide by 4.7% during the third quarter. Canoe Financial LP now owns 3,188,862 shares of the company's stock valued at $205,618,000 after buying an additional 144,386 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

Insider Activity at Otis Worldwide

In other news, insider Joseph Armas sold 835 shares of the business's stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the sale, the insider directly owned 2,155 shares in the company, valued at approximately $167,529.70. The trade was a 27.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

OTIS has been the topic of several recent analyst reports. Evercore reissued an "outperform" rating and set a $95.00 price target on shares of Otis Worldwide in a research report on Thursday, July 23rd. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $77.00 to $75.00 and set an "underweight" rating for the company in a research report on Thursday, October 29th. Sanford C. Bernstein upped their price target on shares of Otis Worldwide from $90.00 to $94.00 and gave the stock an "outperform" rating in a research note on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday, July 28th. Finally, Morgan Stanley set a $75.00 target price on Otis Worldwide in a research report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $91.20.

Otis Worldwide Trading Down 0.5%

Shares of NYSE:OTIS opened at $77.12 on Friday. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57. The firm has a fifty day moving average price of $70.91 and a 200 day moving average price of $75.91. The stock has a market capitalization of $29.36 billion, a PE ratio of 19.19, a P/E/G ratio of 2.81 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The business had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the prior year, the firm posted $1.05 EPS. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, November 13th. Otis Worldwide's dividend payout ratio (DPR) is 43.78%.

About Otis Worldwide

Otis Worldwide designs, manufactures, installs, services, and modernizes elevators, escalators, and moving walkways. Its equipment is used in residential, commercial, infrastructure, and institutional buildings, including offices, hotels, hospitals, and transit systems. The company also provides maintenance, repair, and modernization services for its own equipment and products made by other manufacturers. These services help building owners and operators maintain the safety, reliability, and performance of vertical transportation systems.

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