Otis Worldwide (NYSE:OTIS) Reaches New 52-Week Low – Here’s Why

Otis Worldwide Corporation (NYSE:OTIS)’s share price reached a new 52-week low during trading on Wednesday . The stock traded as low as $83.42 and last traded at $83.7510, with a volume of 1270606 shares changing hands. The stock had previously closed at $86.09.

Analyst Ratings Changes

OTIS has been the topic of several research reports. JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research note on Friday, January 30th. Wells Fargo & Company lowered their price objective on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a research note on Monday, December 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 price target on shares of Otis Worldwide in a report on Friday, January 30th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Tuesday, December 9th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $101.44.

Otis Worldwide Price Performance

The stock has a market capitalization of $32.97 billion, a P/E ratio of 24.21, a PEG ratio of 2.64 and a beta of 1.00. The stock has a 50 day moving average price of $89.82 and a 200-day moving average price of $89.37.

Otis Worldwide (NYSE:OTIS) last released 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. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.Otis Worldwide’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.93 EPS. Research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a $0.42 dividend. The ex-dividend date is Friday, February 13th. This represents a $1.68 annualized dividend and a yield of 2.0%. Otis Worldwide’s payout ratio is presently 48.00%.

Insider Buying and Selling

In related news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the completion of the sale, the insider directly owned 29,176 shares in the company, valued at $2,691,486. This represents a 62.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Neil Green sold 6,000 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $86.45, for a total transaction of $518,700.00. Following the sale, the executive vice president directly owned 3,773 shares of the company’s stock, valued at $326,175.85. The trade was a 61.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

Hedge funds and other institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp boosted its holdings in shares of Otis Worldwide by 3.4% during the first quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock worth $949,000 after purchasing an additional 304 shares during the period. Empowered Funds LLC raised its position in Otis Worldwide by 10.5% during the 1st quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock valued at $928,000 after purchasing an additional 857 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Otis Worldwide by 63.7% in the 1st quarter. Acadian Asset Management LLC now owns 4,045 shares of the company’s stock worth $417,000 after buying an additional 1,574 shares during the period. Savant Capital LLC lifted its holdings in Otis Worldwide by 13.7% in the 2nd quarter. Savant Capital LLC now owns 26,376 shares of the company’s stock worth $2,612,000 after buying an additional 3,171 shares during the period. Finally, Wedbush Securities Inc. grew its position in shares of Otis Worldwide by 4.3% in the 2nd quarter. Wedbush Securities Inc. now owns 7,456 shares of the company’s stock worth $738,000 after buying an additional 310 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Company Profile

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.