Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks Sells 38,012 Shares

Otis Worldwide Co. (NYSE:OTIS) CEO Judith Fran Marks sold 38,012 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This represents a 13.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Otis Worldwide Stock Performance

NYSE OTIS opened at $94.83 on Friday. Otis Worldwide Co. has a twelve month low of $89.37 and a twelve month high of $106.33. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 23.36 and a beta of 1.06. The firm’s 50 day moving average price is $95.14 and its two-hundred day moving average price is $97.01.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share (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, research analysts forecast that Otis Worldwide Co. will post 4.02 EPS for the current fiscal year.

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

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 1.65%. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OTIS. M&T Bank Corp boosted its holdings in Otis Worldwide by 11.2% in the third quarter. M&T Bank Corp now owns 183,984 shares of the company’s stock worth $19,123,000 after purchasing an additional 18,536 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Otis Worldwide by 11.1% during the 3rd quarter. Daiwa Securities Group Inc. now owns 49,173 shares of the company’s stock worth $5,111,000 after acquiring an additional 4,918 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of Otis Worldwide by 297.9% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,329 shares of the company’s stock valued at $1,385,000 after acquiring an additional 9,979 shares in the last quarter. Finally, Guinness Asset Management LTD lifted its holdings in Otis Worldwide by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 1,850,806 shares of the company’s stock worth $192,389,000 after purchasing an additional 81,045 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OTIS shares. Wolfe Research downgraded Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research report on Thursday, December 12th. UBS Group initiated coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Barclays reduced their target price 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. JPMorgan Chase & Co. cut their price objective 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. Finally, Wells Fargo & Company decreased 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. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $102.88.

About Otis Worldwide

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.