Banque Pictet & Cie SA Reduces Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Banque Pictet & Cie SA lessened its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 246,624 shares of the company’s stock after selling 10,447 shares during the quarter. Banque Pictet & Cie SA owned approximately 0.06% of Otis Worldwide worth $22,840,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of OTIS. Resonant Capital Advisors LLC boosted its stake in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares in the last quarter. Optas LLC increased its position in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock valued at $574,000 after purchasing an additional 118 shares during the last quarter. Rehmann Capital Advisory Group raised its position in Otis Worldwide by 4.4% in the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock worth $299,000 after acquiring an additional 122 shares during the period. PFG Investments LLC lifted its position in Otis Worldwide by 4.1% during the fourth quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock valued at $309,000 after purchasing an additional 131 shares in the last quarter. Finally, Groupama Asset Managment increased its holdings in Otis Worldwide by 1.4% in the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after acquiring an additional 132 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Barclays decreased their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 8th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.88.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now owns 24,927 shares of the company’s stock, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,621 shares of company stock valued at $10,046,255 in the last ninety days. Insiders own 0.23% of the company’s stock.

Otis Worldwide Trading Up 1.3 %

OTIS stock opened at $97.99 on Friday. The firm has a 50-day moving average of $94.83 and a two-hundred day moving average of $97.09. The company has a market cap of $38.85 billion, a price-to-earnings ratio of 24.13 and a beta of 1.06. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. As a group, equities analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Otis Worldwide declared that its board has approved a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.