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

Otis Worldwide Co. (NYSE:OTIS) EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available at this link.

Otis Worldwide Trading Up 1.7 %

Shares of Otis Worldwide stock opened at $96.16 on Friday. The firm has a fifty day simple moving average of $96.42 and a 200-day simple moving average of $90.14. The stock has a market capitalization of $38.88 billion, a price-to-earnings ratio of 27.79 and a beta of 1.03. Otis Worldwide Co. has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate 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. As a group, research analysts predict that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a yield of 1.62%. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OTIS. Cambridge Investment Research Advisors Inc. grew its stake in shares of Otis Worldwide by 0.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock worth $3,181,000 after acquiring an additional 110 shares during the last quarter. Tritonpoint Wealth LLC boosted its holdings in Otis Worldwide by 4.1% in the 1st quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after purchasing an additional 113 shares during the period. Bleakley Financial Group LLC grew its position in Otis Worldwide by 1.2% in the 1st quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock worth $965,000 after purchasing an additional 117 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Otis Worldwide by 0.9% during the 1st quarter. Private Trust Co. NA now owns 12,931 shares of the company’s stock worth $1,284,000 after purchasing an additional 118 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in shares of Otis Worldwide by 7.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock valued at $185,000 after buying an additional 124 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OTIS. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. JPMorgan Chase & Co. boosted their target price 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. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $96.86.

About Otis Worldwide

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.