Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Banque Pictet & Cie SA

Banque Pictet & Cie SA lessened its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 4.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 246,624 shares of the company’s stock after selling 10,447 shares during the period. Banque Pictet & Cie SA’s holdings in Otis Worldwide were worth $22,840,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide in the third quarter valued at about $28,000. Ashton Thomas Securities LLC bought a new stake in shares of Otis Worldwide during the third quarter valued at approximately $29,000. Fortitude Family Office LLC lifted its holdings in shares of Otis Worldwide by 485.5% during the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after acquiring an additional 267 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 28,440 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company’s stock, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the sale, the executive vice president now owns 169 shares of the company’s stock, valued at approximately $16,127.67. The trade was a 99.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 105,621 shares of company stock valued at $10,046,255 in the last 90 days. 0.23% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on OTIS shares. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research downgraded 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. Barclays reduced their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Wells Fargo & Company reduced their price target on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, January 30th. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $102.88.

Otis Worldwide Trading Up 1.3 %

NYSE:OTIS opened at $97.99 on Friday. The firm’s 50 day moving average is $94.83 and its 200 day moving average is $97.09. Otis Worldwide Co. has a 12 month low of $90.12 and a 12 month high of $106.33. The stock has a market capitalization of $38.85 billion, a PE ratio of 24.13 and a beta of 1.06.

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

Otis Worldwide announced that its board has initiated a stock repurchase plan on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

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

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.