Insider Selling: Otis Worldwide Co. (NYSE:OTIS) CEO Sells $3,588,712.92 in Stock

Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks sold 38,012 shares of the business’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 of the company’s stock, valued at approximately $23,213,814.03. This represents a 13.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Otis Worldwide Stock Up 0.1 %

NYSE:OTIS traded up $0.10 during midday trading on Wednesday, reaching $94.53. The stock had a trading volume of 1,421,029 shares, compared to its average volume of 2,091,758. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The firm has a fifty day simple moving average of $95.44 and a two-hundred day simple moving average of $97.05. The stock has a market cap of $37.76 billion, a P/E ratio of 23.28 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 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, sell-side analysts anticipate that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm 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 $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently added to or reduced their stakes in OTIS. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the third quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide in the third quarter valued at $28,000. Ashton Thomas Securities LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $29,000. Fortitude Family Office LLC increased 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 valued at $30,000 after buying an additional 267 shares in the last quarter. Finally, Centricity Wealth Management LLC purchased a new stake in shares of Otis Worldwide during the fourth quarter valued at $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Company 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.