Judith Fran Marks Sells 38,012 Shares of Otis Worldwide Co. (NYSE:OTIS) Stock

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

Otis Worldwide Stock Performance

OTIS opened at $95.91 on Friday. The business’s 50 day moving average price is $95.31 and its 200 day moving average price is $97.04. The stock has a market capitalization of $38.31 billion, a PE ratio of 23.62 and a beta of 1.06. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share 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%. As a group, equities research analysts forecast that Otis Worldwide Co. will post 4.02 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, February 14th. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide declared that its board has authorized a share buyback program on Thursday, January 16th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Wolfe Research cut 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. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. Barclays cut their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Finally, Wells Fargo & Company lowered their price objective on 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 equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $102.88.

Hedge Funds Weigh In On Otis Worldwide

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock worth $2,918,223,000 after purchasing an additional 8,161,946 shares in the last quarter. Geode Capital Management LLC lifted its stake in Otis Worldwide by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,031,700 shares of the company’s stock worth $1,146,045,000 after acquiring an additional 152,072 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Otis Worldwide by 58.3% during the 3rd quarter. Franklin Resources Inc. now owns 7,349,744 shares of the company’s stock valued at $774,863,000 after acquiring an additional 2,706,871 shares during the period. Sarasin & Partners LLP grew its position in Otis Worldwide by 6.0% in the 4th 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. Finally, Wellington Management Group LLP grew its position in Otis Worldwide by 11.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,680,452 shares of the company’s stock valued at $382,546,000 after acquiring an additional 391,206 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.