Key Points
- EVP Neil Green sold 6,000 shares of Otis on Feb. 2 at an average price of $86.45 for a total of $518,700, leaving him with 3,773 shares (a 61.39% reduction).
- Otis reported quarterly results on Jan. 28 with EPS of $1.03 (in line with estimates) and revenue of $3.80 billion, up 3.3% year-over-year but slightly below the $3.88 billion consensus.
- The company declared a quarterly dividend of $0.42 ($1.68 annualized, ~1.9% yield; ex-dividend Feb. 13, payable Mar. 13), and analysts have an average rating of Hold with a $101.44 consensus target price.
Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) EVP Neil Green sold 6,000 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total value of $518,700.00. Following the completion of the sale, the executive vice president directly owned 3,773 shares of the company's stock, valued at approximately $326,175.85. This represents a 61.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Otis Worldwide Stock Up 1.1%
NYSE OTIS opened at $87.10 on Wednesday. Otis Worldwide Corporation has a 52 week low of $84.00 and a 52 week high of $106.83. The firm has a market cap of $33.95 billion, a PE ratio of 24.89, a P/E/G ratio of 2.58 and a beta of 1.01. The business's fifty day simple moving average is $88.35 and its 200-day simple moving average is $88.99.
Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting the consensus estimate of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The company had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $0.93 EPS. Otis Worldwide's revenue was up 3.3% on a year-over-year basis. Research analysts expect that Otis Worldwide Corporation will post 4.04 EPS for the current year.
Otis Worldwide Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide's dividend payout ratio is 48.00%.
Institutional Trading of Otis Worldwide
Several hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its holdings in shares of Otis Worldwide by 3.4% in the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company's stock valued at $949,000 after purchasing an additional 304 shares in the last quarter. Empowered Funds LLC lifted its holdings in Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after buying an additional 857 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Otis Worldwide by 63.7% during the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after acquiring an additional 1,574 shares in the last quarter. PFG Investments LLC boosted its position in shares of Otis Worldwide by 3.7% during the 2nd quarter. PFG Investments LLC now owns 3,428 shares of the company's stock worth $339,000 after acquiring an additional 121 shares in the last quarter. Finally, Hilltop National Bank purchased a new position in shares of Otis Worldwide in the 2nd quarter valued at about $51,000. Institutional investors and hedge funds own 88.03% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on OTIS. Zacks Research raised Otis Worldwide from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 14th. Wall Street Zen cut shares of Otis Worldwide from a "buy" rating to a "hold" rating in a research report on Saturday, January 10th. JPMorgan Chase & Co. cut shares of Otis Worldwide from an "overweight" rating to a "neutral" rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a report on Friday. Finally, BNP Paribas Exane raised shares of Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $101.44.
Read Our Latest Analysis on OTIS
About Otis Worldwide
(
Get Free Report)
Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.
In addition to new equipment sales, a significant portion of Otis's business derives from long-term service contracts and responsive maintenance work.
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