Otis Worldwide Co. (NYSE:OTIS) EVP Sells $909,180.00 in Stock

Otis Worldwide Co. (NYSE:OTIS - Get Free Report) EVP Abbe Luersman sold 9,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the sale, the executive vice president now owns 9,992 shares of the company's stock, valued at approximately $1,009,391.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Otis Worldwide Trading Down 0.3 %

Shares of OTIS traded down $0.34 during midday trading on Friday, reaching $100.60. The stock had a trading volume of 984,082 shares, compared to its average volume of 2,108,517. The company has a market capitalization of $40.19 billion, a price-to-earnings ratio of 25.33 and a beta of 1.04. The company's 50-day moving average is $99.65 and its 200 day moving average is $97.03. Otis Worldwide Co. has a 12-month low of $80.49 and a 12-month high of $106.33.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.01). The company had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm's quarterly revenue was up .7% compared to the same quarter last year. During the same period last year, the business posted $0.95 earnings per share. Research analysts forecast that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide's dividend payout ratio is 38.90%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OTIS. Riverview Trust Co bought a new position in shares of Otis Worldwide during the third quarter valued at about $25,000. Meeder Asset Management Inc. raised its holdings in Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock worth $26,000 after purchasing an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its stake in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC grew its holdings in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company's stock worth $28,000 after acquiring an additional 250 shares during the period. Finally, Northwest Investment Counselors LLC bought a new position in Otis Worldwide in the third quarter worth $28,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on OTIS shares. Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Wolfe Research cut shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Morgan Stanley started coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They set an "equal weight" rating and a $97.00 price target for the company. Wells Fargo & Company dropped their price objective on Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of "Hold" and a consensus target price of $102.00.

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.

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