Otis Worldwide (NYSE:OTIS) Sets New 1-Year Low – Time to Sell?

Otis Worldwide Corporation (NYSE:OTIS) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $77.96 and last traded at $78.3380, with a volume of 232161 shares traded. The stock had previously closed at $79.04.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a report on Tuesday, December 9th. Wells Fargo & Company reduced 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. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a report on Friday, January 30th. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research note on Monday, December 29th. 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 given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $101.44.

Otis Worldwide Stock Performance

The stock has a 50-day simple moving average of $88.06 and a 200 day simple moving average of $88.93. The stock has a market capitalization of $30.55 billion, a P/E ratio of 22.45, a price-to-earnings-growth ratio of 2.35 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting 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 company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. Equities analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Insider Buying and Selling at Otis Worldwide

In related news, CEO Judith Fran Marks sold 56,107 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at $21,002,134.08. The trade was a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 47,944 shares of the business’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $92.25, for a total transaction of $4,422,834.00. Following the sale, 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. In the last 90 days, insiders have sold 158,013 shares of company stock valued at $14,337,635. 0.23% of the stock is currently owned by company insiders.

Institutional Trading of Otis Worldwide

Institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Otis Worldwide in the 4th quarter valued at $770,125,000. Marshall Wace LLP boosted its position in shares of Otis Worldwide by 5,291.5% in the 2nd quarter. Marshall Wace LLP now owns 2,844,524 shares of the company’s stock worth $281,665,000 after purchasing an additional 2,791,765 shares during the last quarter. Millennium Management LLC grew its stake in shares of Otis Worldwide by 1,047.0% during the fourth quarter. Millennium Management LLC now owns 2,387,466 shares of the company’s stock worth $208,545,000 after purchasing an additional 2,179,314 shares during the period. Van ECK Associates Corp increased its holdings in Otis Worldwide by 97.9% in the fourth quarter. Van ECK Associates Corp now owns 4,002,589 shares of the company’s stock valued at $349,626,000 after purchasing an additional 1,979,819 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in Otis Worldwide by 125.7% in the third quarter. AQR Capital Management LLC now owns 2,596,355 shares of the company’s stock valued at $236,891,000 after purchasing an additional 1,445,904 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

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.