Pictet North America Advisors SA Trims Stock Position in Otis Worldwide Co. (NYSE:OTIS)

Pictet North America Advisors SA decreased its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 9.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,608 shares of the company's stock after selling 10,379 shares during the quarter. Pictet North America Advisors SA's holdings in Otis Worldwide were worth $8,947,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its stake in Otis Worldwide by 1,094.9% in the third quarter. Exchange Traded Concepts LLC now owns 1,398 shares of the company's stock worth $145,000 after acquiring an additional 1,281 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Otis Worldwide by 1.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 10,260 shares of the company's stock worth $1,066,000 after acquiring an additional 151 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Otis Worldwide by 0.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,127 shares of the company's stock valued at $4,483,000 after acquiring an additional 191 shares in the last quarter. V Square Quantitative Management LLC grew its holdings in Otis Worldwide by 14.8% in the third quarter. V Square Quantitative Management LLC now owns 7,769 shares of the company's stock worth $808,000 after purchasing an additional 1,003 shares during the last quarter. Finally, Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter worth $25,000. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

OTIS stock traded up $0.82 during mid-day trading on Tuesday, reaching $97.56. 1,646,992 shares of the company's stock were exchanged, compared to its average volume of 2,063,461. The company has a market cap of $38.68 billion, a price-to-earnings ratio of 24.03 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. The stock's 50 day moving average is $94.64 and its 200 day moving average is $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 (EPS) for the quarter, missing analysts' consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, research analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Otis Worldwide declared that its board has authorized a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Otis Worldwide news, EVP Peiming Zheng sold 32,694 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $95.43, for a total value of $3,119,988.42. Following the completion of the sale, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Judith Fran Marks sold 38,012 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,621 shares of company stock worth $10,046,255. Insiders own 0.23% of the company's stock.

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.