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

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

Otis Worldwide Stock Up 0.7 %

Shares of OTIS stock opened at $94.53 on Thursday. The stock has a market cap of $38.22 billion, a price-to-earnings ratio of 27.32 and a beta of 1.03. The business’s fifty day moving average is $96.42 and its 200 day moving average is $90.14. Otis Worldwide Co. has a twelve month low of $73.32 and a twelve month high of $100.35.

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

Otis Worldwide Increases Dividend

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

Institutional Trading of Otis Worldwide

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Otis Worldwide by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,772 shares of the company’s stock worth $544,000 after acquiring an additional 2,390 shares during the last quarter. Stevens Capital Management LP grew its position in Otis Worldwide by 142.1% during the 4th quarter. Stevens Capital Management LP now owns 7,555 shares of the company’s stock valued at $676,000 after purchasing an additional 4,435 shares during the last quarter. International Assets Investment Management LLC increased its stake in Otis Worldwide by 13,638.0% during the 4th quarter. International Assets Investment Management LLC now owns 151,667 shares of the company’s stock valued at $13,570,000 after purchasing an additional 150,563 shares in the last quarter. SG Americas Securities LLC raised its holdings in Otis Worldwide by 176.4% in the fourth quarter. SG Americas Securities LLC now owns 115,993 shares of the company’s stock worth $10,378,000 after buying an additional 74,030 shares during the last quarter. Finally, Smith Salley & Associates bought a new position in shares of Otis Worldwide in the fourth quarter worth approximately $1,113,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, April 25th. Wells Fargo & Company lowered their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Thursday, February 22nd. UBS Group upped their target price on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. 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, the stock has an average 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.