Pictet North America Advisors SA Cuts Stock Position in Otis Worldwide Corporation $OTIS

Key Points

• Pictet North America Advisors SA has cut its position in Otis Worldwide Corporation by 3.2%, now holding 100,822 shares worth approximately $9.98 million.
• JPMorgan Chase & Co. and Vanguard Group Inc. both recently increased their holdings in Otis Worldwide, indicating strong interest from institutional investors, with 88.03% of the stock owned by hedge funds and other institutions.
• Otis Worldwide reported earnings of $1.05 EPS for the last quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.42 per share.

Pictet North America Advisors SA reduced its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 3.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,822 shares of the company's stock after selling 3,342 shares during the quarter. Pictet North America Advisors SA's holdings in Otis Worldwide were worth $9,983,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of OTIS. JPMorgan Chase & Co. boosted its holdings 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 purchasing an additional 2,396,134 shares in the last quarter. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 1,591,450 shares in the last quarter. Nuveen LLC purchased a new position in shares of Otis Worldwide in the 1st quarter worth about $91,989,000. GAMMA Investing LLC boosted its holdings in Otis Worldwide by 12,162.8% during the 1st quarter. GAMMA Investing LLC now owns 820,750 shares of the company's stock valued at $84,701,000 after acquiring an additional 814,057 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Otis Worldwide by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 4,138,076 shares of the company's stock valued at $427,049,000 after acquiring an additional 571,489 shares during the period. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.3%

NYSE:OTIS opened at $89.43 on Tuesday. The company has a market capitalization of $35.10 billion, a P/E ratio of 23.66, a P/E/G ratio of 4.29 and a beta of 0.98. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The business's 50-day moving average is $89.15 and its 200 day moving average is $94.71.

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

Otis Worldwide Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Shareholders of record on Friday, August 15th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's payout ratio is presently 44.44%.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on Otis Worldwide in a research report on Monday, July 14th. They set a "hold" rating and a $109.00 price target for the company. Zacks Research lowered Otis Worldwide from a "hold" rating to a "strong sell" rating in a research report on Monday, September 15th. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, July 24th. Royal Bank Of Canada lowered their target price on Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. raised their target price on Otis Worldwide from $101.00 to $105.00 and gave the company an "overweight" rating in a research note on Thursday, September 18th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $103.00.

About Otis Worldwide

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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