Otis Worldwide Co. (NYSE:OTIS) CEO Sells $3,588,712.92 in Stock

Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks sold 38,012 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total value of $3,588,712.92. Following the sale, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Otis Worldwide Stock Performance

NYSE:OTIS opened at $94.83 on Friday. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The business’s 50-day simple moving average is $95.14 and its 200 day simple moving average is $97.01. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 29th. The company reported $0.93 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 research analysts predict that Otis Worldwide Co. will post 4.02 EPS for the current year.

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

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio is presently 38.42%.

Institutional Trading of Otis Worldwide

Institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC bought a new position in Otis Worldwide during the 2nd quarter worth $2,073,000. Czech National Bank grew its position in shares of Otis Worldwide by 5.9% during the third quarter. Czech National Bank now owns 81,597 shares of the company’s stock worth $8,481,000 after acquiring an additional 4,549 shares during the last quarter. Diversified Trust Co increased its holdings in shares of Otis Worldwide by 36.9% in the 3rd quarter. Diversified Trust Co now owns 6,773 shares of the company’s stock worth $704,000 after acquiring an additional 1,825 shares during the period. Threadgill Financial LLC bought a new stake in Otis Worldwide in the 3rd quarter valued at about $3,331,000. Finally, Bath Savings Trust Co acquired a new position in Otis Worldwide during the 3rd quarter valued at about $201,000. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. Barclays dropped 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. Wells Fargo & Company reduced 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. UBS Group started coverage on Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price objective 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. Two 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. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $102.88.

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.