Otis Worldwide (NYSE:OTIS) Reaches New 1-Year High – Here’s What Happened

Otis Worldwide Co. (NYSE:OTIS)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $106.83 and last traded at $106.16, with a volume of 799810 shares changing hands. The stock had previously closed at $104.01.

Wall Street Analyst Weigh In

OTIS has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target on the stock. in a research note on Thursday, December 12th. Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a report on Wednesday, January 8th. Wells Fargo & Company cut their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, January 30th. Finally, UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $102.88.

Otis Worldwide Stock Up 0.1 %

The company has a market cap of $40.15 billion, a P/E ratio of 25.12 and a beta of 1.05. The firm has a fifty day moving average price of $96.28 and a 200 day moving average price of $97.97.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, sell-side analysts anticipate that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide’s payout ratio is presently 38.42%.

Otis Worldwide declared that its board has authorized a share buyback plan on Thursday, January 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares in the company, valued at approximately $6,731,934.30. The trade was a 9.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the completion of the sale, the chief executive officer now owns 245,883 shares in the company, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 112,281 shares of company stock valued at $10,747,553 in the last 90 days. 0.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of OTIS. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Otis Worldwide during the fourth quarter valued at approximately $29,451,000. Forum Financial Management LP boosted its stake in Otis Worldwide by 12.0% in the 4th quarter. Forum Financial Management LP now owns 2,893 shares of the company’s stock valued at $268,000 after purchasing an additional 311 shares during the period. Toronto Dominion Bank increased its position in Otis Worldwide by 56.5% during the 4th quarter. Toronto Dominion Bank now owns 219,473 shares of the company’s stock worth $20,325,000 after buying an additional 79,200 shares during the period. Vise Technologies Inc. acquired a new stake in shares of Otis Worldwide during the fourth quarter worth $267,000. Finally, Orion Capital Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter valued at about $35,000. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.