Insider Selling: Otis Worldwide (NYSE:OTIS) CEO Sells $4,190,084.60 in Stock

Otis Worldwide Corporation (NYSE:OTIS) CEO Judith Fran Marks sold 46,780 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $89.57, for a total transaction of $4,190,084.60. Following the sale, the chief executive officer directly owned 231,072 shares in the company, valued at approximately $20,697,119.04. This represents a 16.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Judith Fran Marks also recently made the following trade(s):

• On Thursday, February 5th, Judith Fran Marks sold 56,107 shares of Otis Worldwide stock. The stock was sold at an average price of $90.89, for a total transaction of $5,099,565.23.

Otis Worldwide Price Performance

Shares of OTIS opened at $89.84 on Friday. The company’s fifty day moving average price is $88.46 and its 200-day moving average price is $88.87. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83. The firm has a market capitalization of $35.01 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 2.70 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate 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 quarter in the previous year, the business earned $0.93 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, research analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Wall Street Analyst Weigh In

OTIS has been the topic of a number of recent research reports. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, December 15th. Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a research note on Friday, January 30th. Finally, Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Three equities research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $101.44.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors have recently added to or reduced their stakes in OTIS. Root Financial Partners LLC purchased a new position in Otis Worldwide during the third quarter valued at $26,000. Camelot Portfolios LLC acquired a new position in shares of Otis Worldwide during the 4th quarter worth about $26,000. Stance Capital LLC purchased a new position in Otis Worldwide in the 3rd quarter valued at about $27,000. Chilton Capital Management LLC purchased a new position in Otis Worldwide in the 2nd quarter valued at about $31,000. Finally, Nemes Rush Group LLC boosted its holdings in Otis Worldwide by 75.4% in the 2nd 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. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.