Bank Pictet & Cie Europe AG Trims Holdings in Otis Worldwide Co. (NYSE:OTIS)

Bank Pictet & Cie Europe AG reduced its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,999 shares of the company’s stock after selling 3,052 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Otis Worldwide were worth $6,161,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cetera Trust Company N.A bought a new position in Otis Worldwide during the fourth quarter worth $27,000. Jamison Private Wealth Management Inc. lifted its stake in Otis Worldwide by 5,720.0% during the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock worth $28,000 after purchasing an additional 286 shares during the last quarter. LifeSteps Financial Inc. bought a new position in Otis Worldwide during the first quarter worth $31,000. Pacific Capital Wealth Advisors Inc. bought a new stake in Otis Worldwide in the fourth quarter valued at $35,000. Finally, Accent Capital Management LLC bought a new stake in Otis Worldwide in the fourth quarter valued at $36,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Argus raised their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $98.83.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock traded up $0.48 during trading on Friday, hitting $94.20. 1,063,314 shares of the stock traded hands, compared to its average volume of 2,096,443. The stock has a market cap of $37.73 billion, a P/E ratio of 27.23 and a beta of 1.03. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.84. The company has a fifty day moving average price of $95.38 and a two-hundred day moving average price of $95.77.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period in the previous year, the company earned $0.92 EPS. The firm’s revenue was down 3.2% on a year-over-year basis. On average, equities research analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.66%. Otis Worldwide’s payout ratio is currently 45.09%.

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.