Otis Worldwide (NYSE:OTIS) CAO Michael Patrick Ryan Sells 3,028 Shares of Stock

Otis Worldwide Corporation (NYSE:OTIS) CAO Michael Patrick Ryan sold 3,028 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the sale, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. The trade was a 53.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Otis Worldwide Stock Down 0.1%

Otis Worldwide stock opened at $91.09 on Friday. Otis Worldwide Corporation has a 12 month low of $84.25 and a 12 month high of $106.83. The stock has a market cap of $35.50 billion, a P/E ratio of 26.87, a P/E/G ratio of 3.48 and a beta of 1.00. The company’s fifty day simple moving average is $90.17 and its 200-day simple moving average is $92.82.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.05. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period last year, the company earned $0.96 earnings per share. Otis Worldwide’s quarterly revenue was up 4.0% compared to the same quarter last year. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities research analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Otis Worldwide’s payout ratio is presently 49.56%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on OTIS. Barclays raised their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Royal Bank Of Canada dropped their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an “outperform” rating on the stock in a research note on Monday, July 28th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They issued a “hold” rating and a $109.00 price objective for the company. Finally, Wells Fargo & Company raised their target price on Otis Worldwide from $93.00 to $95.00 and gave the company an “equal weight” rating in a report on Monday, October 6th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $104.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Alberta Investment Management Corp grew its position in shares of Otis Worldwide by 4,636.0% in the third quarter. Alberta Investment Management Corp now owns 118,400 shares of the company’s stock valued at $10,825,000 after purchasing an additional 115,900 shares during the last quarter. CenterBook Partners LP lifted its position in shares of Otis Worldwide by 270.9% during the 3rd quarter. CenterBook Partners LP now owns 14,745 shares of the company’s stock worth $1,348,000 after purchasing an additional 10,770 shares during the last quarter. Essex Financial Services Inc. boosted its stake in Otis Worldwide by 0.9% during the 3rd quarter. Essex Financial Services Inc. now owns 19,208 shares of the company’s stock valued at $1,756,000 after purchasing an additional 167 shares during the period. NEOS Investment Management LLC grew its holdings in Otis Worldwide by 44.1% in the 3rd quarter. NEOS Investment Management LLC now owns 48,351 shares of the company’s stock valued at $4,421,000 after buying an additional 14,808 shares during the last quarter. Finally, Rothschild Investment LLC grew its holdings in Otis Worldwide by 76.9% in the 3rd quarter. Rothschild Investment LLC now owns 6,637 shares of the company’s stock valued at $607,000 after buying an additional 2,886 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.