Bank Pictet & Cie Europe AG Has $7.25 Million Holdings in Otis Worldwide Co. (NYSE:OTIS)

Bank Pictet & Cie Europe AG grew its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 8.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,708 shares of the company’s stock after acquiring an additional 5,709 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Otis Worldwide were worth $7,245,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Brookstone Capital Management acquired a new position in shares of Otis Worldwide during the first quarter valued at about $257,000. Register Financial Advisors LLC acquired a new position in Otis Worldwide during the 1st quarter valued at about $58,000. Atlantic Union Bankshares Corp increased its holdings in Otis Worldwide by 8.0% during the 1st quarter. Atlantic Union Bankshares Corp now owns 29,086 shares of the company’s stock worth $2,887,000 after purchasing an additional 2,160 shares in the last quarter. Grimes & Company Inc. grew its holdings in Otis Worldwide by 3.6% during the first quarter. Grimes & Company Inc. now owns 5,325 shares of the company’s stock worth $529,000 after buying an additional 183 shares in the last quarter. Finally, Investment Research & Advisory Group Inc. purchased a new stake in Otis Worldwide in the 1st quarter valued at $1,752,000. 88.03% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Trading Down 2.4 %

NYSE:OTIS opened at $102.96 on Wednesday. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $106.33. The firm’s 50 day moving average is $97.69 and its 200 day moving average is $96.67. The stock has a market capitalization of $41.24 billion, a PE ratio of 28.76 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last issued its 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. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The business’s revenue was down 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 earnings per share. Research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Friday, August 16th. Otis Worldwide’s dividend payout ratio is currently 43.58%.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent analyst reports. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Wells Fargo & Company lifted their target price on shares of Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Royal Bank of Canada restated an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research note on Thursday, September 19th. Finally, Barclays increased their price target on Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 2nd. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Otis Worldwide currently has an average rating of “Hold” and an average price target of $102.71.

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.