Otis Worldwide Corp (NYSE:OTIS) executive Peiming Zheng, EVP of Chief Product and Delivery, has recently sold a significant amount of company stock, according to the latest SEC filings. The transactions, which took place on May 7, 2024, involved the sale of 30,364 shares at an average price of $93.686, totaling approximately $2,844,681.
The filings also show a series of acquisitions by Zheng through the exercise of options, with a total value of $2,550,160. These purchases were made at prices ranging from $50.58 to $67.83 per share. On the same day, Zheng disposed of 27,125 shares to cover taxes in a transaction valued at $2,550,021, at a price of $94.01 per share.
The sales took place in multiple transactions at prices that ranged from $93.57 to $93.955. The detailed breakdown of the number of shares sold at each price point within this range is available upon request from the registrant, any security holder of the registrant, or the SEC staff.
After these transactions, Zheng's ownership in Otis Worldwide Corp has been adjusted to 15,570 shares of common stock. The reported transactions provide a glimpse into the executive's trading activities and may be of interest to investors following insider trends.
Otis Worldwide Corp, known for its manufacturing of elevators, escalators, and moving walkways, has its business address at One Carrier Place, Farmington, CT. The company is incorporated in Delaware and is part of the Electronic & Other Electrical Equipment industry.
Investors and analysts often monitor insider transactions as they can provide insights into executives' perspectives on the company's value and future performance. However, it is important to note that trading by insiders can be subject to various motivations and may not necessarily be indicative of the company's operational performance or financial health.
InvestingPro Insights
Amidst the recent insider trading activity at Otis Worldwide Corp (NYSE:OTIS), investors may find it beneficial to consider the company's financial health and market performance. With a market capitalization of $38.22 billion and a Price to Earnings (P/E) ratio standing at 27.08, Otis presents itself as a significant entity in the Machinery industry. The adjusted P/E ratio for the last twelve months as of Q1 2024 is slightly lower at 25.45, reflecting a more nuanced investor sentiment about the company's earnings capacity.
The company has demonstrated a steady revenue growth of 5.02% over the last twelve months leading up to Q1 2024, indicating a solid trajectory in its financial performance. This is further supported by a Gross Profit Margin of 29.61% during the same period, showcasing the company's ability to maintain profitability amidst operational costs.
An InvestingPro Tip highlights that Otis has raised its dividend for 4 consecutive years, which may be an attractive point for income-focused investors. The company's dividend yield as of the date provided stands at 1.66%, coupled with an impressive dividend growth of 34.48% over the last twelve months as of Q1 2024. Moreover, Otis is recognized by analysts as a prominent player in its industry and is predicted to remain profitable this year, which is corroborated by its profitability over the last twelve months.
For investors seeking a comprehensive analysis of Otis Worldwide Corp, additional InvestingPro Tips, such as earnings revisions by analysts and the company's trading volatility, are available. There are 6 more tips listed in InvestingPro that could provide deeper insights. To access these tips, investors can visit: https://www.investing.com/pro/OTIS. Moreover, for those interested in a yearly or biyearly Pro and Pro+ subscription, use the coupon code PRONEWS24 to get an additional 10% off.
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