Otis Worldwide (NYSE:OTIS) Sets New 52-Week Low – Time to Sell?

Otis Worldwide Corporation (NYSE:OTIS)’s share price reached a new 52-week low during trading on Monday . The company traded as low as $75.27 and last traded at $76.0550, with a volume of 215997 shares traded. The stock had previously closed at $75.95.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on OTIS shares. JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target on the stock. in a research report on Friday, January 30th. BNP Paribas Exane raised shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Tuesday, December 9th. Wall Street Zen lowered shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday, December 15th. Finally, Wolfe Research reaffirmed an “outperform” rating on shares of Otis Worldwide in a report on Monday, March 16th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $101.44.

Otis Worldwide Trading Up 0.8%

The stock has a market cap of $29.77 billion, a P/E ratio of 21.89, a PEG ratio of 2.28 and a beta of 1.00. The firm’s 50-day simple moving average is $87.52 and its 200 day simple moving average is $88.78.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting 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 for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders 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 annualized dividend and a dividend yield of 2.2%. Otis Worldwide’s dividend payout ratio is presently 48.00%.

Insiders Place Their Bets

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total value of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 47,944 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 29,176 shares in the company, valued at approximately $2,691,486. The trade was a 62.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 158,013 shares of company stock valued at $14,337,635 over the last three months. 0.23% of the stock is currently owned by company insiders.

Institutional Trading of Otis Worldwide

A number of institutional investors have recently made changes to their positions in the stock. Root Financial Partners LLC bought a new stake in Otis Worldwide during the third quarter worth approximately $26,000. Camelot Portfolios LLC bought a new position in Otis Worldwide during the 4th quarter valued at $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide during the 3rd quarter valued at $27,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $27,000. Finally, Rakuten Investment Management Inc. bought a new stake in shares of Otis Worldwide in the 3rd quarter worth $31,000. 88.03% of the stock is owned by institutional investors and hedge funds.

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.