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

Otis Worldwide Corporation (NYSE:OTIS) insider Joseph Armas sold 835 shares of the 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 approximately $167,529.70. This represents a 27.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Otis Worldwide Trading Up 3.9%

Shares of NYSE OTIS opened at $79.78 on Thursday. Otis Worldwide Corporation has a 1-year low of $63.58 and a 1-year high of $94.57. The company has a market cap of $30.37 billion, a PE ratio of 19.85, a P/E/G ratio of 2.78 and a beta of 0.87. The company has a 50-day moving average of $70.08 and a two-hundred day moving average of $76.26.

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

Otis Worldwide Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have commented on the company. Sanford C. Bernstein increased their price objective on Otis Worldwide from $90.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, October 29th. Wells Fargo & Company dropped their target price on Otis Worldwide from $77.00 to $75.00 and set an “underweight” rating for the company in a research report on Thursday, October 29th. Royal Bank Of Canada set a $90.00 price objective on Otis Worldwide in a research report on Tuesday, July 28th. Evercore reissued an “outperform” rating and set a $95.00 price objective on shares of Otis Worldwide in a report on Thursday, July 23rd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $91.20.

Institutional Trading of Otis Worldwide

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Otis Worldwide in the second quarter valued at about $2,264,017,000. State Street Corp boosted its position in Otis Worldwide by 2.9% during the second quarter. State Street Corp now owns 16,664,994 shares of the company’s stock valued at $1,193,214,000 after purchasing an additional 463,491 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Otis Worldwide during the second quarter valued at approximately $423,739,000. Van ECK Associates Corp grew its stake in Otis Worldwide by 0.6% in the second quarter. Van ECK Associates Corp now owns 3,993,011 shares of the company’s stock valued at $285,900,000 after purchasing an additional 24,914 shares in the last quarter. Finally, Canoe Financial LP grew its stake in Otis Worldwide by 4.7% in the third quarter. Canoe Financial LP now owns 3,188,862 shares of the company’s stock valued at $205,618,000 after purchasing an additional 144,386 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.