Key Points
- Insider Montlivault Stephane De sold 47,944 shares at an average price of $92.25 for proceeds of $4.42 million, cutting his ownership by 62.17% to 29,176 shares.
- Otis declared a quarterly dividend of $0.42 per share (ex-dividend Feb 13, payable Mar 13), equal to a $1.68 annualized payout and a 1.9% yield with a 48% payout ratio.
- Q results: EPS met expectations at $1.03 while revenue was $3.80 billion versus a $3.88 billion consensus; the company reported a 9.59% net margin and a negative 30.42% return on equity.
Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) insider Montlivault Stephane De sold 47,944 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares of the company's stock, valued at $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Otis Worldwide Trading Down 2.3%
Shares of NYSE:OTIS opened at $89.65 on Friday. The company has a 50 day moving average of $88.75 and a 200 day moving average of $88.91. The stock has a market cap of $34.85 billion, a P/E ratio of 25.61, a P/E/G ratio of 2.76 and a beta of 1.01. Otis Worldwide Corporation has a 12 month low of $84.00 and a 12 month high of $106.83.
Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, meeting the consensus estimate of $1.03. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business's quarterly revenue was up 3.3% compared to the same quarter last year. During the same period last year, the firm earned $0.93 EPS. On average, equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.
Otis Worldwide Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide's payout ratio is presently 48.00%.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the company. Barclays lifted their price target on Otis Worldwide from $90.00 to $92.00 and gave the company an "underweight" rating in a research report on Thursday, October 30th. BNP Paribas Exane raised shares of Otis Worldwide from a "neutral" rating to an "outperform" rating and set a $105.00 target price on the stock in a research note on Tuesday, December 9th. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $95.00 to $92.00 and set an "equal weight" rating for the company in a research note on Monday, December 15th. Wall Street Zen lowered shares of Otis Worldwide from a "buy" rating to a "hold" rating in a report on Saturday, January 10th. Finally, New Street Research set a $98.00 price objective on shares of Otis Worldwide in a report on Friday, January 30th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Otis Worldwide has an average rating of "Hold" and an average price target of $101.44.
Get Our Latest Report on Otis Worldwide
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp boosted its stake 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 raised its position in Otis Worldwide by 10.5% in the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company's stock worth $928,000 after purchasing an additional 857 shares during the period. Acadian Asset Management LLC lifted its stake in Otis Worldwide by 63.7% in the first quarter. Acadian Asset Management LLC now owns 4,045 shares of the company's stock worth $417,000 after purchasing an additional 1,574 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in Otis Worldwide by 11.9% during the second quarter. Concurrent Investment Advisors LLC now owns 7,366 shares of the company's stock valued at $729,000 after buying an additional 785 shares during the period. Finally, CWM LLC grew its stake in shares of Otis Worldwide by 47.9% during the second quarter. CWM LLC now owns 24,369 shares of the company's stock valued at $2,413,000 after buying an additional 7,893 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.
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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