Otis Worldwide Co. (NYSE:OTIS) EVP Sells $3,119,988.42 in Stock

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) EVP Peiming Zheng sold 32,694 shares of Otis Worldwide stock in a transaction on Friday, January 31st. The shares were sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the transaction, the executive vice president now owns 169 shares in the company, valued at approximately $16,127.67. This trade represents a 99.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded down $1.22 during mid-day trading on Friday, reaching $94.83. The company's stock had a trading volume of 2,284,306 shares, compared to its average volume of 2,014,642. The stock has a 50-day moving average of $95.14 and a two-hundred day moving average of $97.00. The stock has a market capitalization of $37.60 billion, a P/E 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.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Analysts predict 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 share repurchase plan on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Otis Worldwide Dividend Announcement

The company also recently disclosed 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. This represents a $1.56 annualized dividend and a yield of 1.65%. 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 brokerages have issued reports on OTIS. Barclays reduced 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. UBS Group assumed coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Wolfe Research cut shares of Otis Worldwide from a "peer perform" rating to an "underperform" rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $102.88.

Institutional Investors Weigh In On Otis Worldwide

Institutional investors have recently made changes to their positions in the stock. M&T Bank Corp boosted its stake in shares of Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company's stock valued at $19,123,000 after purchasing an additional 18,536 shares during the period. Daiwa Securities Group Inc. lifted its stake in Otis Worldwide by 11.1% in the third quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company's stock worth $5,111,000 after acquiring an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock worth $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its position in shares of Otis Worldwide by 297.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company's stock worth $1,385,000 after buying an additional 9,979 shares during the last quarter. Finally, Guinness Asset Management LTD lifted its position in shares of Otis Worldwide by 4.6% during the 3rd quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company's stock worth $192,389,000 after buying an additional 81,045 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.