Insider Selling: Otis Worldwide (NYSE:OTIS) CEO Sells $5,099,565.23 in Stock

Otis Worldwide Corporation (NYSE:OTIS) CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the transaction, the chief executive officer owned 231,072 shares in the company, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their position. The sale was disclosed in a filing 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 4th, Judith Fran Marks sold 46,780 shares of Otis Worldwide stock. The shares were sold at an average price of $89.57, for a total value of $4,190,084.60.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $89.84 on Friday. The stock’s 50 day moving average price is $88.46 and its 200 day moving average price is $88.87. 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 Corporation has a one year low of $84.00 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the company earned $0.93 earnings per share. Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wells Fargo & Company cut their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. New Street Research set a $98.00 target price on Otis Worldwide in a research note on Friday, January 30th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $101.44.

Hedge Funds Weigh In On Otis Worldwide

Several large investors have recently added to or reduced their stakes in OTIS. Vanguard Group Inc. lifted its position 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 worth $4,811,100,000 after buying an additional 1,991,860 shares during the last quarter. Alliancebernstein L.P. raised its stake in Otis Worldwide by 3.2% during the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock worth $1,918,885,000 after acquiring an additional 603,860 shares during the period. Geode Capital Management LLC lifted its holdings in Otis Worldwide by 1.2% in the second quarter. Geode Capital Management LLC now owns 10,673,127 shares of the company’s stock worth $1,057,594,000 after acquiring an additional 129,458 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Otis Worldwide by 4.5% in the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock worth $678,377,000 after acquiring an additional 322,255 shares during the last quarter. Finally, Norges Bank acquired a new position in Otis Worldwide in the second quarter valued at approximately $721,614,000. 88.03% of the stock is currently owned by institutional investors.

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.