Otis Worldwide Co. (NYSE:OTIS) CEO Sells $2,723,698.80 in Stock

Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks sold 28,440 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.77, for a total value of $2,723,698.80. Following the completion of the sale, the chief executive officer now owns 230,153 shares of the company’s stock, valued at $22,041,752.81. This trade represents a 11.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, February 5th, Judith Fran Marks sold 38,012 shares of Otis Worldwide stock. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92.

Otis Worldwide Trading Up 0.1 %

Otis Worldwide stock opened at $96.78 on Thursday. Otis Worldwide Co. has a 1-year low of $89.37 and a 1-year high of $106.33. The company has a fifty day simple moving average of $94.85 and a 200 day simple moving average of $97.08. The company has a market cap of $38.38 billion, a P/E ratio of 23.84 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.03 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 14th will be paid a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.61%. Otis Worldwide’s dividend payout ratio is 38.42%.

Otis Worldwide declared that its board has approved a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Otis Worldwide

Several institutional investors and hedge funds have recently bought and sold shares of OTIS. Riverview Trust Co acquired a new position in shares of Otis Worldwide in the third quarter valued at $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Otis Worldwide during the 3rd quarter worth about $28,000. Ashton Thomas Securities LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at about $29,000. Fortitude Family Office LLC raised its holdings in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company’s stock valued at $30,000 after acquiring an additional 267 shares during the period. Finally, Centricity Wealth Management LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $33,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Barclays dropped their target price on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday, December 12th. Finally, Wells Fargo & Company cut their price target 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $102.88.

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.