Peiming Zheng Sells 32,694 Shares of Otis Worldwide Co. (NYSE:OTIS) Stock

Otis Worldwide Co. (NYSE:OTIS) EVP Peiming Zheng sold 32,694 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $95.43, for a total transaction of $3,119,988.42. Following the completion of the transaction, the executive vice president now directly owns 169 shares of the company’s stock, valued at approximately $16,127.67. This represents a 99.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Otis Worldwide Trading Up 0.1 %

Otis Worldwide stock opened at $94.53 on Thursday. The stock has a 50 day moving average of $95.44 and a two-hundred day moving average of $97.05. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33. The stock has a market capitalization of $37.76 billion, a price-to-earnings ratio of 23.28 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data 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 net margin of 11.53% and a negative return on equity of 31.76%. Equities analysts predict that Otis Worldwide Co. will post 4.02 earnings per share for the current year.

Otis Worldwide declared that its board has authorized a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is 38.42%.

Institutional Trading of Otis Worldwide

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverview Trust Co purchased a new position in Otis Worldwide in the third quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new stake in shares of Otis Worldwide in the 3rd quarter worth approximately $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide during the third quarter worth $29,000. Fortitude Family Office LLC boosted its position in Otis Worldwide by 485.5% during the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Finally, Centricity Wealth Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at $33,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. JPMorgan Chase & Co. lowered their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Wells Fargo & Company lowered their price target 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. Barclays cut their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Finally, Wolfe Research cut shares of 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average 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.