Insider Selling: Otis Worldwide Co. (NYSE:OTIS) EVP Sells 9,000 Shares of Stock

Otis Worldwide Co. (NYSE:OTIS) EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Otis Worldwide Trading Down 0.3 %

NYSE:OTIS traded down $0.34 during midday trading on Friday, hitting $100.60. 984,082 shares of the company traded hands, compared to its average volume of 2,108,517. Otis Worldwide Co. has a 12-month low of $80.49 and a 12-month high of $106.33. The firm has a market capitalization of $40.19 billion, a P/E ratio of 25.33 and a beta of 1.04. The firm’s fifty day moving average is $99.65 and its 200-day moving average is $97.03.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.01). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. During the same period in the previous year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts expect that Otis Worldwide Co. will post 3.86 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.55%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Barclays lowered their target price on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research cut shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company cut their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Morgan Stanley started coverage on Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $102.00.

Institutional Investors Weigh In On Otis Worldwide

Large investors have recently added to or reduced their stakes in the stock. PineStone Asset Management Inc. grew its holdings in Otis Worldwide by 138.3% during the 2nd quarter. PineStone Asset Management Inc. now owns 4,464,131 shares of the company’s stock worth $429,717,000 after acquiring an additional 2,590,780 shares in the last quarter. Van ECK Associates Corp lifted its position in Otis Worldwide by 3,673.6% during the third quarter. Van ECK Associates Corp now owns 2,261,929 shares of the company’s stock valued at $232,662,000 after acquiring an additional 2,201,988 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Otis Worldwide by 12.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,247,918 shares of the company’s stock worth $793,945,000 after purchasing an additional 907,972 shares during the last quarter. Sarasin & Partners LLP boosted its position in shares of Otis Worldwide by 27.2% in the 2nd quarter. Sarasin & Partners LLP now owns 4,135,271 shares of the company’s stock worth $398,061,000 after purchasing an additional 883,659 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of Otis Worldwide by 2,782.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 815,179 shares of the company’s stock valued at $78,469,000 after purchasing an additional 786,897 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

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.