Judith Fran Marks Sells 46,780 Shares of Otis Worldwide (NYSE:OTIS) Stock

Otis Worldwide Corporation (NYSE:OTIS) CEO Judith Fran Marks sold 46,780 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $89.57, for a total transaction of $4,190,084.60. Following the sale, the chief executive officer owned 231,072 shares in the company, valued at $20,697,119.04. The trade was a 16.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Judith Fran Marks also recently made the following trade(s):

• On Thursday, February 5th, Judith Fran Marks sold 56,107 shares of Otis Worldwide stock. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23.

Otis Worldwide Trading Down 1.5%

Shares of Otis Worldwide stock opened at $89.84 on Friday. The company has a market cap of $35.01 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 2.74 and a beta of 1.01. The company has a 50 day moving average of $88.46 and a 200-day moving average of $88.96. Otis Worldwide Corporation has a 1-year low of $84.00 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the business posted $0.93 EPS. The company’s revenue was up 3.3% compared to the same quarter last year. Research analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 48.00%.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Otis Worldwide during the 2nd quarter worth approximately $721,614,000. Marshall Wace LLP increased its holdings in shares of Otis Worldwide by 5,291.5% during the second quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock valued at $281,665,000 after acquiring an additional 2,791,765 shares in the last quarter. Vanguard Group Inc. grew its position in Otis Worldwide by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 48,587,153 shares of the company’s stock valued at $4,811,100,000 after purchasing an additional 1,991,860 shares during the period. Van ECK Associates Corp grew its position in Otis Worldwide by 3,464.3% in the 3rd quarter. Van ECK Associates Corp now owns 2,022,770 shares of the company’s stock valued at $184,942,000 after purchasing an additional 1,966,019 shares during the period. Finally, AQR Capital Management LLC increased its stake in Otis Worldwide by 125.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after purchasing an additional 1,445,904 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective on the stock. in a research report on Friday, January 30th. Wells Fargo & Company dropped their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. New Street Research set a $98.00 price target on Otis Worldwide in a research note on Friday, January 30th. Finally, Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 14th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average target price of $101.44.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.