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

Key Points

• Insider Joseph Jay Armas sold 835 Otis shares for about $64,913, reducing his position by 27.93%; he retained 2,155 shares.
• Otis shares rose 3.9% to $79.78. Its latest quarter beat analyst expectations, with EPS of $1.05 and revenue of $3.91 billion, up 6.1% year over year.
• The company announced a quarterly dividend of $0.44 per share, equivalent to a 2.2% annualized yield; analysts’ consensus rating is Hold, with an average price target of $91.20.

Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) insider Joseph Armas sold 835 shares of the stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $77.74, for a total value of $64,912.90. Following the completion of the sale, the insider owned 2,155 shares of the company's stock, valued at $167,529.70. The trade was a 27.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Otis Worldwide Stock Up 3.9%

NYSE OTIS traded up $2.96 during trading hours on Wednesday, reaching $79.78. The company's stock had a trading volume of 5,707,070 shares, compared to its average volume of 3,966,592. Otis Worldwide Corporation has a 1 year low of $63.58 and a 1 year high of $94.57. The firm's 50-day moving average price is $69.91 and its 200-day moving average price is $76.31. The company has a market capitalization of $30.37 billion, a price-to-earnings ratio of 19.85, a PEG ratio of 2.84 and a beta of 0.87.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results on Wednesday, October 28th. The company reported $1.05 earnings per share 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 firm had revenue of $3.91 billion during the quarter, compared to analyst estimates of $3.85 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. Otis Worldwide's revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide Corporation will post 4.03 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 11th. Investors of record on Friday, November 13th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.2%. Otis Worldwide's dividend payout ratio (DPR) is 43.78%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Fulcrum Asset Management LLP purchased a new stake in shares of Otis Worldwide during the third quarter worth about $542,000. Allspring Global Investments Holdings LLC lifted its stake in Otis Worldwide by 16.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,700 shares of the company's stock valued at $1,206,000 after buying an additional 2,598 shares in the last quarter. StoneRidge PMG Advisors LLC purchased a new position in Otis Worldwide in the 3rd quarter valued at about $486,000. Hohimer Wealth Management LLC lifted its stake in Otis Worldwide by 116.8% in the 3rd quarter. Hohimer Wealth Management LLC now owns 65,598 shares of the company's stock valued at $4,219,000 after buying an additional 35,336 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. boosted its holdings in Otis Worldwide by 65.3% in the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 686 shares of the company's stock worth $44,000 after buying an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 88.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Sanford C. Bernstein boosted their target price on Otis Worldwide from $90.00 to $94.00 and gave the company an "outperform" rating in a research report on Thursday, October 29th. Evercore reiterated an "outperform" rating and issued a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Wells Fargo & Company dropped their price objective on Otis Worldwide from $77.00 to $75.00 and set an "underweight" rating on the stock in a research note on Thursday, October 29th. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a report on Monday, August 10th. Finally, Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $91.20.

About Otis Worldwide

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.

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