Otis Worldwide (NYSE:OTIS) Hits New 52-Week Low – What’s Next?

Otis Worldwide Corporation (NYSE:OTIS)’s share price hit a new 52-week low on Wednesday . The stock traded as low as $81.89 and last traded at $81.6420, with a volume of 385738 shares. The stock had previously closed at $84.14.

Analyst Upgrades and Downgrades

OTIS has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. Wolfe Research reiterated an “outperform” rating on shares of Otis Worldwide in a research report on Monday. JPMorgan Chase & Co. downgraded 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. Finally, Wall Street Zen cut Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Otis Worldwide currently has a consensus rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Trading Down 2.9%

The firm’s 50 day simple moving average is $89.34 and its 200 day simple moving average is $89.25. The firm has a market cap of $31.75 billion, a PE ratio of 23.32, a PEG ratio of 2.52 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. The firm 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%.The business’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.93 earnings per share. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

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

Insider Transactions at Otis Worldwide

In other news, EVP Neil Green sold 6,000 shares of the 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 completion of the transaction, the executive vice president directly owned 3,773 shares in the company, valued at approximately $326,175.85. This represents a 61.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Montlivault Stephane De sold 47,944 shares of the firm’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 transaction, the insider directly owned 29,176 shares of the company’s stock, valued at approximately $2,691,486. This trade represents a 62.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 158,013 shares of company stock valued at $14,337,635 over the last 90 days. Insiders own 0.23% of the company’s stock.

Institutional Trading of Otis Worldwide

A number of large investors have recently made changes to their positions in the business. Root Financial Partners LLC bought a new stake in Otis Worldwide during the third quarter worth approximately $26,000. Stance Capital LLC purchased a new position in shares of Otis Worldwide in the 3rd quarter worth approximately $27,000. Camelot Portfolios LLC purchased a new position in shares of Otis Worldwide in the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Otis Worldwide during the 4th quarter valued at approximately $27,000. Finally, Nemes Rush Group LLC increased its position in shares of Otis Worldwide by 75.4% during the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. 88.03% of the stock is currently 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.