Insider Selling: Otis Worldwide (NYSE:OTIS) CAO Sells 3,028 Shares of Stock

Otis Worldwide Corporation (NYSE:OTIS) CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $91.69, for a total transaction of $277,637.32. Following the completion of the transaction, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Otis Worldwide Stock Down 0.1%

NYSE:OTIS traded down $0.06 on Friday, hitting $91.09. The stock had a trading volume of 1,879,897 shares, compared to its average volume of 2,755,181. The stock has a market cap of $35.50 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 3.48 and a beta of 1.00. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The company has a fifty day moving average price of $90.07 and a two-hundred day moving average price of $92.86.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, October 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Otis Worldwide had a net margin of 9.41% and a negative return on equity of 30.67%. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.65 billion. During the same period in the prior year, the business earned $0.96 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. As a group, analysts anticipate that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 5th. Stockholders of record on Friday, November 14th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 14th. Otis Worldwide’s payout ratio is presently 49.56%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on OTIS shares. Deutsche Bank Aktiengesellschaft began coverage on Otis Worldwide in a research report on Monday, July 14th. They set a “hold” rating and a $109.00 price target on the stock. Barclays raised their target price on shares of Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a research report on Thursday, October 30th. Zacks Research upgraded shares of Otis Worldwide from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $93.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Finally, Wolfe Research set a $109.00 price objective on shares of Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. 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. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $104.88.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Root Financial Partners LLC purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth $26,000. Cheviot Value Management LLC purchased a new stake in Otis Worldwide during the first quarter worth about $31,000. Chilton Capital Management LLC acquired a new position in Otis Worldwide during the second quarter worth about $31,000. Nemes Rush Group LLC increased its holdings in Otis Worldwide by 75.4% in the second quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. Finally, Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at approximately $31,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.