Otis Worldwide Co. (NYSE:OTIS) CEO Sells 38,012 Shares

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction dated 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 sale, the chief executive officer now owns 245,883 shares of the company's stock, valued at approximately $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Otis Worldwide Trading Down 1.3 %

Shares of Otis Worldwide stock traded down $1.22 during trading hours on Friday, reaching $94.83. The stock had a trading volume of 2,284,306 shares, compared to its average volume of 2,014,642. The firm has a market capitalization of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. Otis Worldwide Co. has a 1 year low of $89.37 and a 1 year high of $106.33. The firm has a 50 day simple moving average of $95.14 and a two-hundred day simple moving average of $97.00.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Sell-side analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

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 given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide's dividend payout ratio (DPR) is 38.42%.

Otis Worldwide declared that its board has approved a stock repurchase plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in Otis Worldwide during the 2nd quarter worth approximately $2,073,000. Czech National Bank lifted its position in shares of Otis Worldwide by 5.9% during the third quarter. Czech National Bank now owns 81,597 shares of the company's stock worth $8,481,000 after purchasing an additional 4,549 shares in the last quarter. Diversified Trust Co boosted its stake in shares of Otis Worldwide by 36.9% in the third quarter. Diversified Trust Co now owns 6,773 shares of the company's stock valued at $704,000 after purchasing an additional 1,825 shares during the period. Threadgill Financial LLC acquired a new stake in Otis Worldwide during the 3rd quarter valued at $3,331,000. Finally, Bath Savings Trust Co purchased a new stake in Otis Worldwide during the 3rd quarter worth $201,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on OTIS shares. Wells Fargo & Company lowered their target price on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, January 30th. Barclays lowered their price objective 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. UBS Group assumed 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. JPMorgan Chase & Co. lowered their price target on Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a report on Thursday, January 30th. Finally, Wolfe Research downgraded 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. Two investment 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's stock. According to data from MarketBeat.com, the company currently has a consensus 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.