Insider Selling: Otis Worldwide Co. (NYSE:OTIS) CEO Sells $2,723,698.80 in Stock

Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the completion of the transaction, the chief executive officer now directly owns 230,153 shares of the company’s stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Judith Fran Marks also recently made the following trade(s):

• On Wednesday, February 5th, Judith Fran Marks sold 38,012 shares of Otis Worldwide stock. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $96.78 on Thursday. The company has a market cap of $38.38 billion, a price-to-earnings ratio of 23.84 and a beta of 1.06. The stock’s fifty day moving average price is $94.85 and its two-hundred day moving average price is $97.08. Otis Worldwide Co. has a 52-week low of $89.37 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results 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 net margin of 11.53% and a negative return on equity of 31.76%. On average, equities analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is presently 38.42%.

Hedge Funds Weigh In On Otis Worldwide

Large investors have recently bought and sold shares of the business. M&T Bank Corp lifted its stake in 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 buying an additional 18,536 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Otis Worldwide by 11.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock valued at $5,111,000 after acquiring an additional 4,918 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in 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 acquiring an additional 9,979 shares during the last quarter. Finally, Sarasin & Partners LLP grew its holdings in Otis Worldwide by 6.0% during the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after purchasing an additional 229,523 shares during the period. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on OTIS. 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 for the company. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Wells Fargo & Company lowered 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 report 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 target on the stock. in a research report on Thursday, December 12th. Finally, Barclays reduced their price objective 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. Two equities 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 stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price 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.