Otis Worldwide (NYSE:OTIS) Reaches New 1-Year Low – What’s Next?

Shares of Otis Worldwide Corporation (NYSE:OTIS) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $81.89 and last traded at $81.6420, with a volume of 385738 shares traded. The stock had previously closed at $84.14.

Analysts Set New Price Targets

OTIS has been the subject of several research analyst reports. Wolfe Research reissued an “outperform” rating on shares of Otis Worldwide in a research note on Monday. Wells Fargo & Company decreased their target price 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 reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Tuesday, December 9th. Finally, New Street Research set a $98.00 price objective on Otis Worldwide in a report on Friday, January 30th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $101.44.

Otis Worldwide Stock Up 2.2%

The company has a market capitalization of $31.18 billion, a PE ratio of 22.92, a price-to-earnings-growth ratio of 2.36 and a beta of 1.00. The firm’s 50-day moving average is $88.94 and its 200-day moving average is $89.11.

Otis Worldwide (NYSE:OTIS) last released its quarterly 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 business 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 earnings per share. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Friday, February 13th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insider Transactions at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $90.89, for a total value of $5,099,565.23. Following the completion of the sale, the chief executive officer owned 231,072 shares of the company’s stock, valued at $21,002,134.08. This represents a 19.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Neil Green sold 6,000 shares of Otis Worldwide stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $86.45, for a total transaction of $518,700.00. Following the transaction, the executive vice president directly owned 3,773 shares in the company, valued at $326,175.85. This trade represents a 61.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by corporate insiders.

Institutional Trading of Otis Worldwide

Several hedge funds have recently added to or reduced their stakes in the business. Root Financial Partners LLC purchased a new position in shares of Otis Worldwide in the third quarter worth about $26,000. Camelot Portfolios LLC purchased a new stake in Otis Worldwide during the 4th quarter valued at about $26,000. Stance Capital LLC purchased a new stake in Otis Worldwide during the 3rd quarter valued at about $27,000. Garton & Associates Financial Advisors LLC bought a new position in Otis Worldwide during the 4th quarter worth approximately $27,000. Finally, Nemes Rush Group LLC grew its position in Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

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.