Otis Worldwide Corporation (NYSE:OTIS) Announces Quarterly Dividend of $0.42

Otis Worldwide Corporation (NYSE:OTIS) declared a quarterly dividend on Thursday, January 29th. Stockholders of record on Friday, February 13th will be paid a dividend of 0.42 per share on Friday, March 13th. This represents a c) dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, February 13th.

Otis Worldwide has a dividend payout ratio of 37.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Otis Worldwide to earn $4.42 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 38.0%.

Otis Worldwide Stock Performance

NYSE OTIS traded down $1.01 during trading hours on Friday, reaching $86.15. The company’s stock had a trading volume of 520,480 shares, compared to its average volume of 3,145,671. The company’s 50-day moving average is $88.45 and its two-hundred day moving average is $89.43. Otis Worldwide has a fifty-two week low of $84.00 and a fifty-two week high of $106.83. The stock has a market cap of $33.57 billion, a PE ratio of 24.64, a PEG ratio of 2.56 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.03. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.93 earnings per share. Equities analysts expect that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Insider Transactions at Otis Worldwide

In related news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total value of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares in the company, valued at approximately $240,961.32. This trade represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

Several large investors have recently added to or reduced their stakes in the stock. Berkshire Money Management Inc. boosted its position in shares of Otis Worldwide by 5.0% in the second quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after buying an additional 100 shares during the period. Oakworth Capital Inc. boosted its stake in shares of Otis Worldwide by 49.1% during the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the last quarter. Cookson Peirce & Co. Inc. raised its holdings in Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock valued at $605,000 after acquiring an additional 115 shares in the last quarter. OLD National Bancorp IN increased its holdings in Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after buying an additional 118 shares during the last quarter. Finally, PFG Investments LLC lifted its holdings in Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock worth $339,000 after buying an additional 121 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.