Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks Sells 28,440 Shares

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) CEO Judith Fran Marks sold 28,440 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the transaction, the chief executive officer now owns 230,153 shares in the company, valued at $22,041,752.81. This represents a 11.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Judith Fran Marks also recently made the following trade(s):

• On Wednesday, February 5th, Judith Fran Marks sold 38,012 shares of Otis Worldwide stock. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock traded down $1.25 during trading hours on Friday, reaching $96.77. The company's stock had a trading volume of 2,267,827 shares, compared to its average volume of 2,077,344. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.33. The firm has a 50 day moving average price of $94.77 and a 200-day moving average price of $97.12. The stock has a market cap of $38.37 billion, a P/E ratio of 23.83 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data 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%. As a group, sell-side analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide announced that its Board of Directors has authorized a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide's payout ratio is 38.42%.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently made changes to their positions in the company. Resonant Capital Advisors LLC grew its stake in Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock worth $320,000 after acquiring an additional 105 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Otis Worldwide by 4.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company's stock worth $249,000 after buying an additional 109 shares during the period. Montis Financial LLC grew its position in shares of Otis Worldwide by 5.2% during the 4th quarter. Montis Financial LLC now owns 2,216 shares of the company's stock worth $205,000 after buying an additional 110 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock valued at $643,000 after buying an additional 114 shares during the period. Finally, Mesirow Financial Investment Management Inc. raised its holdings in shares of Otis Worldwide by 1.8% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after acquiring an additional 117 shares in the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. 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. Wells Fargo & Company lowered their price target on Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Barclays dropped their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an "underweight" rating on the stock in a report on Wednesday, January 8th. Finally, UBS Group began coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average 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.