Insider Selling: Otis Worldwide (NYSE:OTIS) Insider Sells 47,944 Shares of Stock

Otis Worldwide Corporation (NYSE:OTIS) insider Montlivault Stephane De sold 47,944 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider directly owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Otis Worldwide Stock Down 2.3%

Shares of NYSE OTIS traded down $2.11 during trading on Friday, reaching $89.65. 6,346,877 shares of the company traded hands, compared to its average volume of 3,801,950. The firm has a 50 day simple moving average of $88.68 and a 200-day simple moving average of $88.90. Otis Worldwide Corporation has a 52-week low of $84.00 and a 52-week high of $106.83. The stock has a market capitalization of $34.85 billion, a PE ratio of 25.61, a P/E/G ratio of 2.69 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the company earned $0.93 earnings per share. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid 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 is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is 48.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OTIS. Root Financial Partners LLC bought a new position in Otis Worldwide during the third quarter valued at approximately $26,000. Camelot Portfolios LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $26,000. Stance Capital LLC purchased a new position in shares of Otis Worldwide in the third quarter valued at $27,000. Chilton Capital Management LLC purchased a new position in shares of Otis Worldwide in the second quarter valued at $31,000. Finally, Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

OTIS has been the topic of a number of recent research reports. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Tuesday, December 9th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Barclays raised their price objective on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Finally, New Street Research set a $98.00 price target on shares of Otis Worldwide in a research report on Friday, January 30th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Otis Worldwide 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.