Otis Worldwide (NYSE:OTIS) CAO Sells $106,450.92 in Stock

Otis Worldwide Corporation (NYSE:OTIS) CAO Michael Patrick Ryan sold 1,182 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Otis Worldwide Stock Up 2.5%

NYSE:OTIS opened at $91.67 on Friday. The stock has a market capitalization of $35.63 billion, a price-to-earnings ratio of 26.19, a PEG ratio of 2.69 and a beta of 1.01. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The firm has a 50 day moving average of $88.68 and a 200 day moving average of $88.90.

Otis Worldwide (NYSE:OTIS) last issued its quarterly 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. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The business’s quarterly 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 year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be paid a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Tuesday, December 9th. Barclays upped their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a research note on Friday, January 30th. Finally, Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $101.44.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide during the third quarter worth $26,000. Camelot Portfolios LLC purchased a new position in shares of Otis Worldwide during the 4th quarter valued at about $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide in the 3rd quarter valued at about $27,000. Chilton Capital Management LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter valued at about $31,000. Finally, Nemes Rush Group LLC boosted its stake in shares of Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after buying an additional 135 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.