Insider Selling: Otis Worldwide Co. (NYSE:OTIS) CEO Sells 28,440 Shares of Stock

Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks sold 28,440 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now directly owns 230,153 shares in the company, valued at approximately $22,041,752.81. The trade was a 11.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 Price Performance

Shares of NYSE OTIS opened at $95.99 on Tuesday. The company has a market cap of $38.06 billion, a PE ratio of 23.64 and a beta of 1.06. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The stock has a fifty day moving average price of $95.03 and a 200 day moving average price of $97.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. Analysts anticipate that Otis Worldwide Co. will post 4.03 earnings per share for the current fiscal year.

Otis Worldwide announced that its board has authorized a stock buyback plan on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Analyst Ratings Changes

A number of research firms recently issued reports on OTIS. Barclays decreased their target price on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective for the company. in a research report on Thursday, December 12th. UBS Group began coverage on Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Finally, Wells Fargo & Company dropped their price target on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $102.88.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OTIS. M&T Bank Corp raised its position in Otis Worldwide by 11.2% during the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after acquiring an additional 18,536 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in 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 buying an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after buying an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB increased its position in Otis Worldwide by 297.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock worth $1,385,000 after buying an additional 9,979 shares in the last quarter. Finally, Sarasin & Partners LLP lifted its position in shares of Otis Worldwide by 6.0% in the fourth quarter. Sarasin & Partners LLP now owns 4,053,315 shares of the company’s stock valued at $375,378,000 after acquiring an additional 229,523 shares in the last quarter. Hedge funds and other institutional investors 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.