Judith Fran Marks Sells 56,107 Shares of Otis Worldwide (NYSE:OTIS) Stock

Otis Worldwide Corporation (NYSE:OTIS) CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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 stock was sold at an average price of $89.57, for a total transaction of $4,190,084.60.

Otis Worldwide Price Performance

OTIS stock traded up $0.83 during midday trading on Thursday, hitting $91.20. The stock had a trading volume of 4,820,907 shares, compared to its average volume of 3,633,805. The company’s 50-day moving average price is $88.44 and its 200 day moving average price is $89.02. The firm has a market cap of $35.54 billion, a PE ratio of 26.06, a price-to-earnings-growth ratio of 2.72 and a beta of 1.01. Otis Worldwide Corporation has a 12-month low of $84.00 and a 12-month high of $106.83.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.03. The business had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business’s revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.93 earnings per share. As a group, sell-side analysts anticipate 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 issued a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.8%. Otis Worldwide’s payout ratio is 48.00%.

Institutional Investors Weigh In On Otis Worldwide

Large investors have recently modified their holdings of the stock. Oakworth Capital Inc. boosted its holdings in Otis Worldwide by 49.1% in the 3rd quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares during the period. Cookson Peirce & Co. Inc. lifted its position in shares of Otis Worldwide by 1.8% during the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after purchasing an additional 115 shares in the last quarter. OLD National Bancorp IN boosted its stake in shares of Otis Worldwide by 5.5% in the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock valued at $205,000 after purchasing an additional 118 shares during the period. PKS Advisory Services LLC boosted its stake in shares of Otis Worldwide by 4.9% in the second quarter. PKS Advisory Services LLC now owns 2,575 shares of the company’s stock valued at $255,000 after purchasing an additional 121 shares during the period. Finally, MSH Capital Advisors LLC grew its holdings in Otis Worldwide by 5.4% during the 2nd quarter. MSH Capital Advisors LLC now owns 2,362 shares of the company’s stock valued at $234,000 after purchasing an additional 122 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on OTIS. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the stock an “outperform” rating in a report on Wednesday, October 8th. Wells Fargo & Company dropped their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price for the company. in a report on Friday, January 30th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Finally, Zacks Research raised shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average target price of $101.44.

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.