Otis Worldwide Corporation (NYSE:OTIS – Get Free Report) insider Joseph Armas sold 835 shares of the stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $77.74, for a total transaction of $64,912.90. Following the completion of the transaction, the insider directly owned 2,155 shares of the company’s stock, valued at approximately $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.
Otis Worldwide Stock Performance
NYSE OTIS opened at $79.02 on Friday. Otis Worldwide Corporation has a twelve month low of $63.58 and a twelve month high of $94.57. The stock has a market cap of $30.08 billion, a PE ratio of 19.66, a PEG ratio of 2.84 and a beta of 0.87. The firm has a 50-day simple moving average of $70.37 and a 200 day simple moving average of $76.16.
Otis Worldwide (NYSE:OTIS – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. The firm had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.85 billion. During the same period last year, the business posted $1.05 EPS. The business’s revenue was up 6.1% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current fiscal year.
Otis Worldwide Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, November 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 43.78%.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the business. Orion Capital Management LLC acquired a new stake in Otis Worldwide during the 2nd quarter worth $27,000. MidFirst Bank bought a new position in shares of Otis Worldwide during the 2nd quarter valued at $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Otis Worldwide in the second quarter valued at approximately $28,000. Elevation Wealth Partners LLC lifted its position in shares of Otis Worldwide by 1,910.0% in the second quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock worth $29,000 after purchasing an additional 382 shares in the last quarter. Finally, Addison Advisors LLC acquired a new position in Otis Worldwide during the second quarter worth about $29,000. Institutional investors own 88.03% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on OTIS. Evercore reissued an “outperform” rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Wells Fargo & Company cut their price objective on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research note on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on shares of Otis Worldwide in a research report on Tuesday, July 28th. Finally, Sanford C. Bernstein lifted their target price on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, October 29th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $91.20.
View Our Latest Report on Otis Worldwide
About Otis Worldwide
Otis Worldwide Corporation (NYSE: OTIS) is a global manufacturer and service provider for the elevator and escalator industry. The company designs, manufactures, installs, modernizes and maintains elevators, escalators and moving walkways for commercial buildings, residential developments, transportation hubs and other infrastructure projects.
Otis provides equipment for new construction as well as maintenance, repair and modernization services for existing systems. Its service operations support equipment from Otis and other manufacturers, helping building owners and operators manage the safety, performance and lifecycle of vertical transportation systems.
The company traces its history to 1853, when Elisha Otis demonstrated a safety device for elevators.
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