Michael Patrick Ryan Sells 3,028 Shares of Otis Worldwide (NYSE:OTIS) 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 stock was sold at an average price of $91.69, for a total value of $277,637.32. Following the sale, the chief accounting officer directly owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Otis Worldwide Stock Down 0.1%

Shares of OTIS opened at $91.09 on Friday. The company has a market capitalization of $35.50 billion, a price-to-earnings ratio of 26.87, a price-to-earnings-growth ratio of 3.47 and a beta of 1.00. Otis Worldwide Corporation has a 52-week low of $84.25 and a 52-week high of $106.83. The stock has a 50 day moving average price of $90.17 and a 200 day moving average price of $92.78.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, October 29th. The company reported $1.05 earnings per share 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 analysts’ expectations of $3.65 billion. During the same quarter last year, the company earned $0.96 earnings per share. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.040-4.080 EPS. On average, equities analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 5th. Investors of record on Friday, November 14th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Otis Worldwide’s payout ratio is 49.56%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of OTIS. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the third quarter worth $26,000. Chilton Capital Management LLC acquired a new stake in shares of Otis Worldwide in the 2nd quarter worth $31,000. Nemes Rush Group LLC lifted its stake in shares of Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the period. Cheviot Value Management LLC purchased a new stake in shares of Otis Worldwide in the first quarter valued at about $31,000. Finally, Rakuten Investment Management Inc. acquired a new position in shares of Otis Worldwide during the third quarter worth about $31,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on OTIS shares. Barclays raised their price objective on Otis Worldwide from $90.00 to $92.00 and gave the stock an “underweight” rating in a report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft assumed 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. Weiss Ratings reissued a “hold (c+)” rating on shares of Otis Worldwide in a report on Wednesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $105.00 to $111.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 15th. Finally, Wolfe Research set a $109.00 price target on shares of Otis Worldwide and gave the company an “outperform” rating in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $104.88.

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.