Insider Selling: Otis Worldwide (NYSE:OTIS) Insider Sells $64,912.90 in Stock

Otis Worldwide Corporation (NYSE:OTIS) insider Joseph Armas sold 835 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the sale, the insider directly owned 2,155 shares in the company, valued at $167,529.70. This represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Otis Worldwide Price Performance

NYSE OTIS traded up $2.96 during mid-day trading on Wednesday, hitting $79.78. The stock had a trading volume of 5,707,070 shares, compared to its average volume of 3,966,592. Otis Worldwide Corporation has a twelve month low of $63.58 and a twelve month high of $94.57. The firm’s 50 day moving average is $69.91 and its 200 day moving average is $76.31. The stock has a market capitalization of $30.37 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 2.84 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.04. The business had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 earnings per share. As a group, equities research analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide’s dividend payout ratio is currently 43.78%.

Analysts Set New Price Targets

Several brokerages have issued reports on OTIS. Wells Fargo & Company dropped their target price on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday, July 28th. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Sanford C. Bernstein increased their price objective on Otis Worldwide from $90.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, October 29th. Finally, Evercore reissued an “outperform” rating and set a $95.00 target price on shares of Otis Worldwide in a research note on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Otis Worldwide currently has a consensus rating of “Hold” and a consensus price target of $91.20.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Orion Capital Management LLC acquired a new position in shares of Otis Worldwide in the 2nd quarter worth approximately $27,000. MidFirst Bank purchased a new position in shares of Otis Worldwide during the 2nd quarter worth approximately $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in Otis Worldwide in the 2nd quarter valued at approximately $28,000. Elevation Wealth Partners LLC increased its holdings in Otis Worldwide by 1,910.0% in the 2nd quarter. Elevation Wealth Partners LLC now owns 402 shares of the company’s stock valued at $29,000 after purchasing an additional 382 shares during the last quarter. Finally, Addison Advisors LLC acquired a new stake in Otis Worldwide in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

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.