Pictet North America Advisors SA Purchases 1,175 Shares of Otis Worldwide Co. (NYSE:OTIS)

Pictet North America Advisors SA increased its position in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.1% during the 3rd quarter, Holdings Channel reports. The firm owned 106,987 shares of the company’s stock after acquiring an additional 1,175 shares during the period. Pictet North America Advisors SA’s holdings in Otis Worldwide were worth $11,120,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide during the 3rd quarter valued at $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after purchasing an additional 196 shares during the period. Jamison Private Wealth Management Inc. raised its position in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Cranbrook Wealth Management LLC increased its holdings in Otis Worldwide by 675.7% in the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares during the last quarter. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the 3rd quarter valued at $28,000. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Down 2.4 %

Otis Worldwide stock opened at $102.96 on Wednesday. The company’s 50-day moving average price is $97.69 and its 200-day moving average price is $96.67. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $106.33. The company has a market cap of $41.24 billion, a PE ratio of 28.76 and a beta of 1.03.

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

Otis Worldwide Dividend Announcement

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

Analysts Set New Price Targets

OTIS has been the topic of a number of research reports. Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $96.00 and gave the company an “equal weight” rating in a report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Wells Fargo & Company lifted their price target on shares of Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Wolfe Research downgraded shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley initiated coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide 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.