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 the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the sale, 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 SEC, which can be accessed through this hyperlink.

Otis Worldwide Stock Performance

NYSE OTIS opened at $95.99 on Tuesday. Otis Worldwide Co. has a one year low of $89.37 and a one year high of $106.33. The business has a fifty day moving average price of $95.03 and a 200 day moving average price of $97.06. The company has a market cap of $38.06 billion, a P/E ratio of 23.64 and a beta of 1.06.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. As a group, sell-side analysts predict that Otis Worldwide Co. will post 4.03 EPS for the current fiscal year.

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

Otis Worldwide Announces Dividend

The business also recently announced 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. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Friday, February 14th. Otis Worldwide’s dividend payout ratio is currently 38.42%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on OTIS. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research note on Thursday, December 12th. JPMorgan Chase & Co. cut their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Finally, Barclays decreased their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $102.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Generali Asset Management SPA SGR acquired a new stake in Otis Worldwide during the fourth quarter worth about $1,505,000. Custos Family Office LLC purchased a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $233,000. Mystic Asset Management Inc. acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $382,000. Flagship Wealth Advisors LLC purchased a new stake in shares of Otis Worldwide during the 4th quarter valued at approximately $34,000. Finally, Signaturefd LLC lifted its holdings in Otis Worldwide by 14.4% in the fourth quarter. Signaturefd LLC now owns 5,701 shares of the company’s stock valued at $528,000 after acquiring an additional 718 shares during 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.