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

Pictet Asset Management Holding SA cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 73.6% in the third quarter, Holdings Channel.com reports. The firm owned 223,659 shares of the company’s stock after selling 624,779 shares during the period. Pictet Asset Management Holding SA’s holdings in Otis Worldwide were worth $14,386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in OTIS. Veritas Asset Management LLP bought a new position in Otis Worldwide in the second quarter worth $7,565,000. Envestnet Asset Management Inc. raised its position in Otis Worldwide by 36.8% in the second quarter. Envestnet Asset Management Inc. now owns 634,538 shares of the company’s stock worth $45,433,000 after purchasing an additional 170,600 shares in the last quarter. State Street Corp lifted its stake in Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock worth $1,193,214,000 after purchasing an additional 463,491 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Otis Worldwide by 128.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 412,369 shares of the company’s stock valued at $26,524,000 after purchasing an additional 232,164 shares during the period. Finally, Bank Pictet & Cie Europe AG grew its position in Otis Worldwide by 154.6% in the third quarter. Bank Pictet & Cie Europe AG now owns 32,851 shares of the company’s stock valued at $2,113,000 after acquiring an additional 19,947 shares during the period. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Down 0.5%

Shares of OTIS stock opened at $77.12 on Friday. The firm has a fifty day moving average of $70.91 and a 200-day moving average of $75.91. Otis Worldwide Corporation has a 12-month low of $63.58 and a 12-month high of $94.57. The company has a market capitalization of $29.36 billion, a price-to-earnings ratio of 19.19, a P/E/G ratio of 2.81 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. The firm had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.05 EPS. On average, equities analysts expect that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

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

Insider Activity

In other Otis Worldwide news, insider Joseph Armas sold 835 shares of the business’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the sale, the insider owned 2,155 shares in the company, valued at approximately $167,529.70. The trade was a 27.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on OTIS shares. Morgan Stanley set a $75.00 price target on shares of Otis Worldwide in a report on Monday, August 10th. Evercore reaffirmed an “outperform” rating and set a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research note on Tuesday, July 28th. Wells Fargo & Company dropped their price objective 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. Finally, Sanford C. Bernstein upped their target price on shares of Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $91.20.

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.