Otis Worldwide (NYSE:OTIS) Stock: Insider Joseph Jay Armas Sells 835 Shares

Otis Worldwide Corporation (NYSE:OTIS) insider Joseph Armas sold 835 shares of the company’s stock in a transaction dated 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 represents a 27.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Otis Worldwide Trading Down 0.4%

NYSE OTIS opened at $79.49 on Friday. The firm has a market cap of $30.26 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 2.89 and a beta of 0.87. The company has a 50 day moving average of $70.22 and a 200-day moving average of $76.21. Otis Worldwide Corporation has a 1-year low of $63.58 and a 1-year high of $94.57.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 28th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. The business had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.85 billion. Otis Worldwide had a negative return on equity of 28.45% and a net margin of 10.28%. Otis Worldwide’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.05 EPS. On average, analysts forecast that Otis Worldwide Corporation will post 4.03 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be given a $0.44 dividend. The ex-dividend date is Friday, November 13th. This represents a $1.76 annualized dividend and a yield of 2.2%. Otis Worldwide’s payout ratio is presently 43.78%.

Analyst Upgrades and Downgrades

OTIS has been the topic of a number of recent analyst reports. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Sanford C. Bernstein raised their target price on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, October 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a report on Wednesday, August 12th. Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada set a $90.00 price target on shares of Otis Worldwide in a research report on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $91.20.

Institutional Trading of Otis Worldwide

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Otis Worldwide during the second quarter worth $2,264,017,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Otis Worldwide in the 2nd quarter valued at $423,739,000. Canada Pension Plan Investment Board bought a new stake in Otis Worldwide in the 2nd quarter valued at $223,003,000. Bank of New York Mellon Corp bought a new stake in Otis Worldwide in the 2nd quarter valued at $196,298,000. Finally, Bank of America Corp DE acquired a new position in Otis Worldwide in the 2nd quarter worth $189,233,000. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Company Profile

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.