Peiming Zheng Sells 30,364 Shares of Otis Worldwide Co. (NYSE:OTIS) Stock

Otis Worldwide Co. (NYSE:OTIS) EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Otis Worldwide Stock Performance

Shares of OTIS stock traded up $0.64 during trading hours on Wednesday, hitting $94.53. The company had a trading volume of 1,664,889 shares, compared to its average volume of 2,011,730. The firm has a market capitalization of $38.22 billion, a price-to-earnings ratio of 27.32 and a beta of 1.03. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35. The firm’s fifty day moving average is $96.43 and its 200 day moving average is $90.11.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. On average, sell-side analysts expect that Otis Worldwide Co. will post 3.88 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is presently 39.31%.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new position in shares of Otis Worldwide during the fourth quarter worth $628,855,000. Vanguard Group Inc. lifted its position in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after acquiring an additional 5,913,933 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after acquiring an additional 2,442,203 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Otis Worldwide by 104.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,555,300 shares of the company’s stock valued at $124,906,000 after acquiring an additional 794,626 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Otis Worldwide by 119.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 981,574 shares of the company’s stock valued at $78,830,000 after acquiring an additional 533,590 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research note on Monday, February 5th. Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Thursday, February 22nd. Finally, JPMorgan Chase & Co. lifted their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and an average target price of $96.86.

Otis Worldwide Company Profile

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.