Otis Worldwide (NYSE:OTIS) CAO Sells 1,182 Shares

Otis Worldwide Corporation (NYSE:OTIS) CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the sale, the chief accounting officer directly owned 3,504 shares of the company’s stock, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Otis Worldwide Trading Up 0.8%

OTIS traded up $0.73 during trading on Tuesday, hitting $90.03. The stock had a trading volume of 3,123,956 shares, compared to its average volume of 3,910,870. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83. The firm has a market cap of $35.00 billion, a PE ratio of 25.72, a P/E/G ratio of 2.69 and a beta of 1.01. The company has a 50 day simple moving average of $88.54 and a 200-day simple moving average of $88.87.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the company earned $0.93 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after buying an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares during the last quarter. Geode Capital Management LLC grew its holdings in Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after buying an additional 29,636 shares in the last quarter. Norges Bank bought a new stake in Otis Worldwide during the fourth quarter worth approximately $770,125,000. Finally, Franklin Resources Inc. lifted its holdings in shares of Otis Worldwide by 4.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock worth $678,377,000 after acquiring an additional 322,255 shares during the last quarter. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. New Street Research set a $98.00 price objective on Otis Worldwide in a research note on Friday, January 30th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday, December 9th. Finally, Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $101.44.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.