Otis Worldwide Co. (NYSE:OTIS - Get Free Report) EVP Nora E. Lafreniere sold 1,700 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at $2,390,748.57. This trade represents a 6.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Otis Worldwide Price Performance
OTIS traded down $1.25 on Friday, reaching $96.77. 2,267,827 shares of the company's stock were exchanged, compared to its average volume of 2,077,344. Otis Worldwide Co. has a twelve month low of $90.12 and a twelve month high of $106.33. The stock has a market cap of $38.37 billion, a PE ratio of 23.83 and a beta of 1.06. The stock's fifty day moving average price is $94.77 and its 200-day moving average price is $97.12.
Otis Worldwide (NYSE:OTIS - Get Free Report) last released its 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%. As a group, research analysts predict that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.
Otis Worldwide declared that its board has approved a stock repurchase program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.
Otis Worldwide Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide's payout ratio is currently 38.42%.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on OTIS shares. UBS Group started coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 price target on the stock. Wolfe Research lowered Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 target price on the stock. in a research report on Thursday, December 12th. Wells Fargo & Company decreased 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. Barclays decreased their price objective 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, JPMorgan Chase & Co. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $102.88.
Check Out Our Latest Research Report on OTIS
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of OTIS. Riverview Trust Co purchased a new stake in Otis Worldwide in the 3rd quarter valued at about $25,000. Transce3nd LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $29,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 88.03% of the company's stock.
About Otis Worldwide
(
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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.
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