Key Points
- Otis insider Joseph Jay Armas sold 835 shares for about $64,913, reducing his direct stake by 27.93% to 2,155 shares.
- Quarterly results topped estimates: Otis reported EPS of $1.05 and revenue of $3.91 billion, with revenue up 6.1% year over year.
- Otis declared a quarterly dividend of $0.44 per share, equivalent to an annualized yield of about 2.2%; analysts’ consensus rating was “Hold,” with an average price target of $91.20.
Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) insider Joseph Armas sold 835 shares of the company's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total transaction of $64,912.90. Following the sale, the insider directly owned 2,155 shares in the company, valued at $167,529.70. This trade represents a 27.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.
Otis Worldwide Price Performance
Shares of OTIS opened at $79.78 on Thursday. The firm has a 50-day moving average of $70.08 and a 200-day moving average of $76.26. Otis Worldwide Corporation has a one year low of $63.58 and a one year high of $94.57. The company has a market cap of $30.37 billion, a PE ratio of 19.85, a price-to-earnings-growth ratio of 2.78 and a beta of 0.87.
Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.01 by $0.04. Otis Worldwide had a net margin of 10.28% and a negative return on equity of 28.45%. The company had revenue of $3.91 billion for the quarter, compared to analysts' expectations of $3.85 billion. During the same period in the prior year, the firm earned $1.05 EPS. Otis Worldwide's quarterly revenue was up 6.1% compared to the same quarter last year. Analysts expect that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.
Otis Worldwide Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Stockholders of record on Friday, November 13th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, November 13th. Otis Worldwide's dividend payout ratio (DPR) is presently 43.78%.
Wall Street Analyst Weigh In
OTIS has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "hold (c-)" rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Sanford C. Bernstein lifted their price objective on shares of Otis Worldwide from $90.00 to $94.00 and gave the stock an "outperform" rating in a research report on Thursday, October 29th. Morgan Stanley set a $75.00 price objective on shares of Otis Worldwide in a report on Monday, August 10th. Evercore reissued an "outperform" rating and issued a $95.00 price objective on shares of Otis Worldwide in a research report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 target price on shares of Otis Worldwide in a research note on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of "Hold" and an average target price of $91.20.
View Our Latest Stock Report on OTIS
Institutional Investors Weigh In On Otis Worldwide
A number of institutional investors have recently made changes to their positions in OTIS. DMKC Advisory Services LLC lifted its holdings in Otis Worldwide by 17.8% during the 3rd quarter. DMKC Advisory Services LLC now owns 45,207 shares of the company's stock worth $2,908,000 after purchasing an additional 6,820 shares during the last quarter. Fulcrum Asset Management LLP bought a new stake in Otis Worldwide in the 3rd quarter valued at $542,000. Allspring Global Investments Holdings LLC grew its holdings in Otis Worldwide by 16.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,700 shares of the company's stock valued at $1,206,000 after buying an additional 2,598 shares in the last quarter. StoneRidge PMG Advisors LLC acquired a new position in Otis Worldwide in the 3rd quarter valued at $486,000. Finally, Hohimer Wealth Management LLC grew its holdings in Otis Worldwide by 116.8% in the 3rd quarter. Hohimer Wealth Management LLC now owns 65,598 shares of the company's stock valued at $4,219,000 after buying an additional 35,336 shares in the last quarter. Institutional investors own 88.03% of the company's stock.
About Otis Worldwide
(
Get Free Report)
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.
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