Otis Worldwide Co. (NYSE:OTIS) EVP Sells 4,775 Shares of Stock

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) EVP Nora E. Lafreniere sold 4,775 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 value of $450,807.75. Following the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,353,358.07. The trade was a 16.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $1.22 during mid-day trading on Friday, reaching $94.83. The company had a trading volume of 2,284,306 shares, compared to its average volume of 2,014,642. The stock has a fifty day moving average of $95.14 and a two-hundred day moving average of $97.00. Otis Worldwide Co. has a 12-month low of $89.37 and a 12-month high of $106.33. The company has a market capitalization of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its 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 negative return on equity of 31.76% and a net margin of 11.53%. Sell-side analysts forecast that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide's dividend payout ratio is 38.42%.

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

Institutional Trading of Otis Worldwide

A number of institutional investors have recently added to or reduced their stakes in OTIS. Resonant Capital Advisors LLC lifted its stake in shares of Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company's stock valued at $320,000 after purchasing an additional 105 shares during the last quarter. Dorsey & Whitney Trust CO LLC lifted its stake in shares of Otis Worldwide by 1.7% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company's stock worth $643,000 after buying an additional 114 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its stake in Otis Worldwide by 1.8% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 6,480 shares of the company's stock valued at $600,000 after buying an additional 117 shares during the last quarter. Optas LLC raised its holdings in Otis Worldwide by 2.2% in the 3rd quarter. Optas LLC now owns 5,522 shares of the company's stock worth $574,000 after acquiring an additional 118 shares during the period. Finally, Rehmann Capital Advisory Group lifted its position in Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company's stock worth $299,000 after acquiring an additional 122 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on OTIS shares. 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 report on Thursday, January 30th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a "neutral" rating and a $113.00 target price on the stock. Barclays dropped their price target 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. Wolfe Research lowered shares of 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. Finally, Wells Fargo & Company dropped their target price on shares of 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of "Hold" and a consensus price target of $102.88.

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.