Otis Worldwide Co. (NYSE:OTIS) EVP Nora E. Lafreniere Sells 1,700 Shares

Otis Worldwide Co. (NYSE:OTIS) EVP Nora E. Lafreniere sold 1,700 shares of Otis Worldwide stock in a transaction on Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the transaction, the executive vice president now owns 24,927 shares in the company, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Otis Worldwide Stock Up 0.1 %

Shares of OTIS stock opened at $96.78 on Thursday. Otis Worldwide Co. has a 52 week low of $89.37 and a 52 week high of $106.33. The business has a 50 day moving average of $94.85 and a two-hundred day 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 released its earnings results on Wednesday, January 29th. The company reported $0.93 EPS 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%. Analysts expect that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

Otis Worldwide announced that its board has authorized a share buyback program on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Otis Worldwide Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on OTIS shares. Barclays decreased their target price on 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. decreased their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 30th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a report on Thursday, December 12th. Finally, UBS Group assumed coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $102.88.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Atlas Capital Advisors Inc. grew its stake in shares of Otis Worldwide by 9,642.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 1,364 shares of the company’s stock worth $126,000 after acquiring an additional 1,350 shares during the last quarter. DF Dent & Co. Inc. grew its position in Otis Worldwide by 2.6% in the fourth quarter. DF Dent & Co. Inc. now owns 8,458 shares of the company’s stock valued at $783,000 after acquiring an additional 217 shares during the period. ExodusPoint Capital Management LP acquired a new stake in shares of Otis Worldwide during the 4th quarter worth about $24,055,000. Huntington National Bank raised its stake in shares of Otis Worldwide by 2.1% in the fourth quarter. Huntington National Bank now owns 19,994 shares of the company’s stock valued at $1,852,000 after acquiring an additional 417 shares during the last quarter. Finally, Meeder Advisory Services Inc. boosted its stake in Otis Worldwide by 6.9% in the fourth quarter. Meeder Advisory Services Inc. now owns 8,838 shares of the company’s stock worth $818,000 after purchasing an additional 569 shares in the last quarter. Institutional investors and hedge funds 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.