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

Otis Worldwide Co. (NYSE:OTIS) EVP Peiming Zheng sold 30,364 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website.

Otis Worldwide Stock Performance

Shares of OTIS opened at $96.16 on Friday. Otis Worldwide Co. has a 1 year low of $73.32 and a 1 year high of $100.35. The stock has a market capitalization of $38.88 billion, a PE ratio of 27.79 and a beta of 1.03. The stock has a 50-day simple moving average of $96.42 and a 200-day simple moving average of $90.14.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) 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 company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is presently 39.31%.

Institutional Trading of Otis Worldwide

A number of hedge funds and other institutional investors have recently bought and sold shares of OTIS. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Otis Worldwide by 0.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 32,048 shares of the company’s stock valued at $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 first quarter. Tritonpoint Wealth LLC now owns 2,869 shares of the company’s stock valued at $285,000 after purchasing an additional 113 shares in the last quarter. Bleakley Financial Group LLC increased its stake in Otis Worldwide by 1.2% in the first quarter. Bleakley Financial Group LLC now owns 9,726 shares of the company’s stock valued at $965,000 after purchasing an additional 117 shares during the last quarter. Private Trust Co. NA raised its holdings in Otis Worldwide by 0.9% during the first 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 in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its position in shares of Otis Worldwide by 7.1% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,867 shares of the company’s stock worth $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.

Wall Street Analyst Weigh In

Several analysts recently weighed in on OTIS shares. UBS Group lifted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Wells Fargo & Company lowered their target price on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research note on Thursday, February 22nd. Finally, Melius initiated coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently 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.