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

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays increased their price objective on Otis Worldwide from $90.00 to $92.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research report on Friday. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, December 15th. Zacks Research raised Otis Worldwide from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $101.44.

Otis Worldwide Stock Down 2.0%

The company has a market capitalization of $33.29 billion, a PE ratio of 24.41, a PEG ratio of 2.56 and a beta of 1.02. The company’s 50 day moving average is $88.45 and its two-hundred day moving average is $89.43.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 analysts’ expectations of $3.88 billion. During the same period in the prior year, the firm earned $0.93 EPS. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. Analysts forecast that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is currently 49.56%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CAO Michael Patrick Ryan sold 3,028 shares of the firm’s stock in a transaction 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 directly owned 2,628 shares in the company, valued at $240,961.32. This trade represents a 53.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Berkshire Money Management Inc. grew its stake in Otis Worldwide by 5.0% during the 2nd quarter. Berkshire Money Management Inc. now owns 2,100 shares of the company’s stock worth $208,000 after buying an additional 100 shares during the last quarter. Oakworth Capital Inc. boosted its holdings in Otis Worldwide by 49.1% in the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. Cookson Peirce & Co. Inc. boosted its holdings in Otis Worldwide by 1.8% in the third quarter. Cookson Peirce & Co. Inc. now owns 6,615 shares of the company’s stock worth $605,000 after acquiring an additional 115 shares in the last quarter. OLD National Bancorp IN grew its stake in shares of Otis Worldwide by 5.5% during the third quarter. OLD National Bancorp IN now owns 2,245 shares of the company’s stock worth $205,000 after acquiring an additional 118 shares during the last quarter. Finally, PFG Investments LLC increased its holdings in shares of Otis Worldwide by 3.7% during the second quarter. PFG Investments LLC now owns 3,428 shares of the company’s stock valued at $339,000 after acquiring an additional 121 shares in the last quarter. 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.