Pictet Asset Management Holding SA Has $106.67 Million Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Pictet Asset Management increased its Otis Worldwide stake by 46.9% in the first quarter, buying 441,841 additional shares and bringing its holding to 1.38 million shares worth about $106.7 million.
• Otis reported quarterly EPS of $0.89, missing estimates, and revenue of $3.57 billion, also below expectations, though revenue still rose 6.4% year over year. The company also reaffirmed FY 2026 EPS guidance of 4.20 to 4.24.
• Otis raised its quarterly dividend to $0.44 per share from $0.42, implying an annualized dividend of $1.76 and a yield of about 2.4%.

Pictet Asset Management Holding SA raised its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 46.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,384,014 shares of the company's stock after purchasing an additional 441,841 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.36% of Otis Worldwide worth $106,669,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $770,125,000. Millennium Management LLC lifted its stake in Otis Worldwide by 1,047.0% in the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company's stock valued at $208,545,000 after acquiring an additional 2,179,314 shares during the last quarter. Van ECK Associates Corp lifted its stake in Otis Worldwide by 97.9% in the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company's stock valued at $349,626,000 after acquiring an additional 1,979,819 shares during the last quarter. AQR Capital Management LLC grew its position in Otis Worldwide by 125.7% in the third quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company's stock worth $236,891,000 after acquiring an additional 1,445,904 shares in the last quarter. Finally, Squarepoint Ops LLC grew its position in Otis Worldwide by 199.6% in the third quarter. Squarepoint Ops LLC now owns 2,030,095 shares of the company's stock worth $185,612,000 after acquiring an additional 1,352,530 shares in the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 0.2%

Shares of Otis Worldwide stock opened at $73.32 on Monday. The firm has a fifty day simple moving average of $73.67 and a 200-day simple moving average of $82.06. The stock has a market capitalization of $28.13 billion, a price-to-earnings ratio of 19.50, a PEG ratio of 2.39 and a beta of 0.91. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.02). The firm had revenue of $3.57 billion during the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, research analysts predict that Otis Worldwide Corporation will post 4.2 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 12th. Stockholders of record on Friday, May 15th were given a $0.44 dividend. This is an increase from Otis Worldwide's previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 15th. Otis Worldwide's dividend payout ratio (DPR) is 46.81%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on OTIS shares. Barclays reduced their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an "underweight" rating for the company in a research note on Thursday, April 23rd. Royal Bank Of Canada lowered their target price on shares of Otis Worldwide from $110.00 to $105.00 and set an "outperform" rating on the stock in a research report on Thursday, April 23rd. Weiss Ratings cut Otis Worldwide from a "hold (c)" rating to a "hold (c-)" rating in a research report on Friday, May 15th. Evercore started coverage on Otis Worldwide in a research report on Monday, April 13th. They issued an "outperform" rating and a $100.00 price target for the company. Finally, Wolfe Research downgraded Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, April 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $97.58.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis's business derives from long-term service contracts and responsive maintenance work.

Want to see what other hedge funds are holding OTIS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Otis Worldwide Corporation (NYSE:OTIS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.