Otis Worldwide (NYSE:OTIS) CAO Michael Patrick Ryan Sells 1,182 Shares

Otis Worldwide Corporation (NYSE:OTIS) CAO Michael Patrick Ryan sold 1,182 shares of the firm’s 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 $315,570.24. This trade represents a 25.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Otis Worldwide Stock Performance

Shares of NYSE OTIS traded up $0.73 during mid-day trading on Tuesday, reaching $90.03. 3,123,956 shares of the company’s stock were exchanged, compared to its average volume of 3,910,870. The firm has a market capitalization of $35.00 billion, a price-to-earnings ratio of 25.72, 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 company’s 50-day moving average is $88.54 and its 200-day moving average is $88.87.

Otis Worldwide (NYSE:OTIS) last released 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. 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 during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the firm posted $0.93 EPS. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors 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 dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Otis Worldwide by 4.3% during the second quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock worth $4,811,100,000 after purchasing an additional 1,991,860 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Otis Worldwide by 3.2% in the second quarter. Alliancebernstein L.P. now owns 19,378,760 shares of the company’s stock valued at $1,918,885,000 after buying an additional 603,860 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Otis Worldwide by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock worth $945,020,000 after acquiring an additional 29,636 shares in the last quarter. Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter worth $770,125,000. Finally, Franklin Resources Inc. lifted its holdings in shares of Otis Worldwide by 4.5% during the third quarter. Franklin Resources Inc. now owns 7,419,634 shares of the company’s stock valued at $678,377,000 after purchasing an additional 322,255 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research analyst reports. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Wells Fargo & Company dropped their price objective 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. Barclays boosted their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $101.44.

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.