Insider Selling: Otis Worldwide Co. (NYSE:OTIS) EVP Sells $909,180.00 in Stock

Otis Worldwide Co. (NYSE:OTISGet Free Report) EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $100.03 on Friday. The firm has a market cap of $39.96 billion, a price-to-earnings ratio of 24.95 and a beta of 1.04. The stock has a 50-day simple moving average of $99.76 and a 200-day simple moving average of $97.05. Otis Worldwide Co. has a 52-week low of $80.49 and a 52-week high of $106.33.

Otis Worldwide (NYSE:OTISGet Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). The business had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide’s revenue was up .7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 earnings per share. As a group, equities research analysts predict that Otis Worldwide Co. will post 3.85 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 6th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OTIS. Royal Bank of Canada restated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a report on Thursday, September 19th. Barclays lowered their price target on Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Morgan Stanley assumed coverage on Otis Worldwide in a research note on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $102.00.

View Our Latest Stock Report on OTIS

Institutional Investors Weigh In On Otis Worldwide

A number of large investors have recently added to or reduced their stakes in OTIS. Landscape Capital Management L.L.C. acquired a new stake in shares of Otis Worldwide in the third quarter worth $676,000. Advisors Asset Management Inc. raised its holdings in Otis Worldwide by 3.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 9,173 shares of the company’s stock worth $953,000 after acquiring an additional 318 shares during the period. Prospera Private Wealth LLC acquired a new position in Otis Worldwide during the 3rd quarter worth $297,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Otis Worldwide in the third quarter valued at about $23,990,000. Finally, Pathstone Holdings LLC grew its holdings in shares of Otis Worldwide by 1.3% during the 3rd quarter. Pathstone Holdings LLC now owns 47,282 shares of the company’s stock worth $4,914,000 after purchasing an additional 604 shares in the last quarter. 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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