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

Otis Worldwide Corporation (NYSE:OTIS)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $68.95 and last traded at $68.7920, with a volume of 656590 shares. The stock had previously closed at $70.06.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Evercore reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Otis Worldwide in a report on Thursday, July 23rd. Morgan Stanley set a $75.00 price objective on Otis Worldwide in a research note on Monday, August 10th. Sanford C. Bernstein decreased their target price on Otis Worldwide from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Otis Worldwide in a research report on Wednesday, August 12th. Finally, Royal Bank Of Canada set a $90.00 target price on Otis Worldwide in a research report on Tuesday, July 28th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $92.91.

Otis Worldwide Stock Down 2.1%

The stock’s 50-day moving average is $72.18 and its 200 day moving average is $75.62. The stock has a market capitalization of $25.84 billion, a PE ratio of 17.45, a P/E/G ratio of 2.44 and a beta of 0.88.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $1.01 earnings per share for the quarter, meeting the consensus estimate of $1.01. The firm had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.76 billion. Otis Worldwide had a net margin of 10.17% and a negative return on equity of 28.50%. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.05 EPS. Otis Worldwide has set its FY 2026 guidance at 4.010-4.050 EPS. As a group, equities research analysts forecast that Otis Worldwide Corporation will post 4.03 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Stockholders of record on Friday, August 14th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.6%. Otis Worldwide’s dividend payout ratio is 45.24%.

Institutional Trading of Otis Worldwide

Institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System raised its stake in shares of Otis Worldwide by 7,150.9% during the 2nd quarter. California State Teachers Retirement System now owns 45,473,804 shares of the company’s stock worth $3,255,924,000 after purchasing an additional 44,846,653 shares in the last quarter. BlackRock Inc. acquired a new position in Otis Worldwide in the second quarter worth approximately $2,264,017,000. State Street Corp increased its holdings in Otis Worldwide by 0.8% in the fourth quarter. State Street Corp now owns 16,128,197 shares of the company’s stock worth $1,408,798,000 after buying an additional 121,207 shares during the last quarter. Geode Capital Management LLC raised its position in Otis Worldwide by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 10,788,225 shares of the company’s stock valued at $945,020,000 after acquiring an additional 29,636 shares in the last quarter. Finally, Norges Bank bought a new position in Otis Worldwide during the fourth quarter valued at approximately $770,125,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

About Otis Worldwide

Otis Worldwide Corporation (NYSE: OTIS) designs, manufactures, installs and services elevators, escalators and moving walkways. Its equipment is used in residential, commercial, institutional, transportation and industrial buildings, supporting the movement of people in high-rise and other densely occupied environments.

The company’s offerings include passenger and freight elevators, escalators, moving walkways, destination-dispatch systems and related technologies. Otis also provides maintenance, repair, modernization and replacement services for its own equipment and products made by other manufacturers.