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

Otis Worldwide Corporation (NYSE:OTIS) hit a new 52-week low on Wednesday . The stock traded as low as $84.00 and last traded at $87.7840, with a volume of 2302665 shares traded. The stock had previously closed at $90.55.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, December 15th. Wolfe Research set a $109.00 price objective on Otis Worldwide and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Finally, Barclays lifted their price target on shares of Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $104.13.

Otis Worldwide Stock Down 2.8%

The stock has a market cap of $34.31 billion, a P/E ratio of 25.96, a P/E/G ratio of 2.62 and a beta of 1.02. The company has a 50-day simple moving average of $88.41 and a two-hundred day simple moving average of $89.46.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 EPS for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.67% and a net margin of 9.41%.The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 5th. Shareholders of record on Friday, November 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $1.68 dividend on an annualized basis and a yield of 1.9%. Otis Worldwide’s payout ratio is presently 49.56%.

Insider Transactions at Otis Worldwide

In other news, CAO Michael Patrick Ryan sold 3,028 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $91.69, for a total transaction of $277,637.32. Following the transaction, the chief accounting officer owned 2,628 shares of the company’s stock, valued at approximately $240,961.32. This represents a 53.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp grew its position in shares of Otis Worldwide by 3.4% during the 1st quarter. Jones Financial Companies Lllp now owns 9,199 shares of the company’s stock valued at $949,000 after acquiring an additional 304 shares during the period. Empowered Funds LLC raised its stake in Otis Worldwide by 10.5% during the first quarter. Empowered Funds LLC now owns 8,988 shares of the company’s stock worth $928,000 after purchasing an additional 857 shares during the period. Acadian Asset Management LLC boosted 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 valued at $417,000 after purchasing an additional 1,574 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Otis Worldwide by 5.3% in the second quarter. Farther Finance Advisors LLC now owns 2,996 shares of the company’s stock valued at $297,000 after acquiring an additional 151 shares during the last quarter. Finally, Tealwood Asset Management Inc. purchased a new position in Otis Worldwide in the second quarter worth approximately $1,569,000. Hedge funds and other institutional investors own 88.03% of the company’s stock.

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.