Otis Worldwide Co. (NYSE:OTIS - Get Free Report) EVP Peiming Zheng sold 30,364 shares of the business's stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Otis Worldwide Stock Up 0.7 %
Shares of Otis Worldwide stock opened at $94.53 on Thursday. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $100.35. The firm has a market cap of $38.22 billion, a PE ratio of 27.32 and a beta of 1.03. The business's fifty day moving average is $96.42 and its two-hundred day moving average is $90.14.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Equities research analysts anticipate that Otis Worldwide Co. will post 3.88 EPS for the current year.
Otis Worldwide Increases Dividend
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The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.65%. Otis Worldwide's dividend payout ratio (DPR) is presently 39.31%.
Analyst Upgrades and Downgrades
Several research firms have issued reports on OTIS. Melius began coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a "hold" rating on the stock. UBS Group boosted their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, February 16th. Barclays boosted their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. boosted their target price on Otis Worldwide from $104.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, April 25th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and a consensus price target of $96.86.
Get Our Latest Analysis on OTIS
Hedge Funds Weigh In On Otis Worldwide
A number of large investors have recently bought and sold shares of OTIS. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company's stock valued at $544,000 after purchasing an additional 2,390 shares during the period. Stevens Capital Management LP grew its position in Otis Worldwide by 142.1% in the fourth quarter. Stevens Capital Management LP now owns 7,555 shares of the company's stock worth $676,000 after buying an additional 4,435 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Otis Worldwide by 13,638.0% in the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company's stock worth $13,570,000 after purchasing an additional 150,563 shares during the period. SG Americas Securities LLC boosted its stake in Otis Worldwide by 176.4% in the 4th quarter. SG Americas Securities LLC now owns 115,993 shares of the company's stock worth $10,378,000 after purchasing an additional 74,030 shares during the period. Finally, Smith Salley & Associates acquired a new stake in shares of Otis Worldwide during the 4th quarter valued at $1,113,000. Institutional investors own 88.03% of the company's stock.
About Otis Worldwide
(
Get Free Report)
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.
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