Insider Selling: Otis Worldwide (NYSE:OTIS) EVP Sells 6,000 Shares of Stock

Otis Worldwide Corporation (NYSE:OTIS) EVP Neil Green sold 6,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the completion of the sale, the executive vice president owned 3,773 shares in the company, valued at $326,175.85. This represents a 61.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Otis Worldwide Price Performance

OTIS traded up $0.95 during midday trading on Tuesday, reaching $87.10. 4,252,737 shares of the company’s stock were exchanged, compared to its average volume of 3,493,065. The business’s 50-day moving average price is $88.38 and its 200 day moving average price is $89.08. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The stock has a market capitalization of $33.95 billion, a PE ratio of 24.89, a P/E/G ratio of 2.56 and a beta of 1.02.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the company earned $0.93 EPS. Otis Worldwide’s revenue was up 3.3% on a year-over-year basis. As a group, analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OTIS. Norges Bank acquired a new stake in shares of Otis Worldwide during the 2nd quarter valued at approximately $721,614,000. Marshall Wace LLP lifted its position in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after buying an additional 2,791,765 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after buying an additional 1,991,860 shares during the period. Van ECK Associates Corp grew its position in shares of Otis Worldwide by 3,464.3% during the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock valued at $184,942,000 after buying an additional 1,966,019 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in Otis Worldwide by 125.7% during the third quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock worth $236,891,000 after acquiring an additional 1,445,904 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the topic of several research analyst reports. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research report on Friday. New Street Research set a $98.00 price target on Otis Worldwide in a research report on Friday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Company Profile

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.