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

Banque Pictet & Cie SA cut its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 246,624 shares of the company's stock after selling 10,447 shares during the quarter. Banque Pictet & Cie SA owned 0.06% of Otis Worldwide worth $22,840,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of OTIS. Riverview Trust Co acquired a new stake in shares of Otis Worldwide in the third quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new position in Otis Worldwide during the third quarter worth $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the third quarter worth $29,000. Fortitude Family Office LLC raised its holdings in shares of Otis Worldwide by 485.5% in the fourth 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 last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Otis Worldwide during the third quarter valued at $34,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Otis Worldwide Stock Up 0.8 %

Shares of NYSE OTIS traded up $0.82 on Tuesday, hitting $97.56. The company had a trading volume of 1,646,992 shares, compared to its average volume of 2,063,461. Otis Worldwide Co. has a 12-month low of $90.12 and a 12-month high of $106.33. The firm has a market capitalization of $38.68 billion, a P/E ratio of 24.03 and a beta of 1.06. The business has a 50 day moving average of $94.64 and a two-hundred day moving average of $97.20.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has initiated a share repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peiming Zheng sold 32,694 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president now directly owns 169 shares in the company, valued at $16,127.67. This represents 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 quarter. Company insiders own 0.23% of the company's stock.

Analysts Set New Price Targets

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

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.