Otis Worldwide Co. (NYSE:OTIS) Insider Sells $701,298.00 in Stock

Otis Worldwide Co. (NYSE:OTIS) insider Montlivault Stephane De sold 6,660 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Otis Worldwide Stock Down 0.5 %

Otis Worldwide stock opened at $99.44 on Friday. Otis Worldwide Co. has a 52 week low of $90.12 and a 52 week high of $106.83. The company has a market capitalization of $39.43 billion, a price-to-earnings ratio of 24.49 and a beta of 1.05. The stock has a 50-day moving average price of $96.57 and a 200 day moving average price of $97.99.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 net margin of 11.53% and a negative return on equity of 31.76%. Research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.57%. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Otis Worldwide announced that its Board of Directors has approved a share buyback plan on Thursday, January 16th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on OTIS shares. Barclays dropped their target price 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. JPMorgan Chase & Co. dropped their price target 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. 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 report 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 research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $102.88.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently modified their holdings of the business. Transce3nd LLC acquired a new stake in Otis Worldwide in the 4th quarter valued at about $25,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Otis Worldwide in the fourth quarter valued at approximately $28,000. Ashton Thomas Securities LLC purchased a new stake in shares of Otis Worldwide in the third quarter valued at approximately $29,000. Fortitude Family Office LLC increased its holdings in shares of Otis Worldwide by 485.5% in the fourth quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Centricity Wealth Management LLC purchased a new position in Otis Worldwide during the fourth quarter worth approximately $33,000. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.