Otis Worldwide (NYSE:OTIS) Sets New 52-Week Low on Analyst Downgrade

Shares of Otis Worldwide Co. (NYSE:OTIS) hit a new 52-week low during trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $105.00 to $88.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Otis Worldwide traded as low as $89.70 and last traded at $90.77, with a volume of 3377869 shares changing hands. The stock had previously closed at $91.96.

Several other equities analysts have also recently commented on OTIS. Barclays lifted their target price on shares of Otis Worldwide from $91.00 to $92.00 and gave the stock an “underweight” rating in a research report on Wednesday, March 26th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday, January 30th. Finally, Wolfe Research cut Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of “Hold” and a consensus target price of $100.88.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 38,012 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $94.41, for a total transaction of $3,588,712.92. Following the sale, the chief executive officer now directly owns 245,883 shares in the company, valued at approximately $23,213,814.03. The trade was a 13.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Nora E. Lafreniere sold 1,700 shares of the firm’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $95.91, for a total value of $163,047.00. Following the completion of the transaction, the executive vice president now owns 24,927 shares of the company’s stock, valued at approximately $2,390,748.57. This represents a 6.38 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,281 shares of company stock valued at $10,747,553. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Otis Worldwide

Hedge funds and other institutional investors have recently modified their holdings of the stock. Resonant Capital Advisors LLC raised its position in shares of Otis Worldwide by 3.1% in the 4th quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock worth $320,000 after purchasing an additional 105 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in Otis Worldwide by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 2,689 shares of the company’s stock worth $249,000 after buying an additional 109 shares during the last quarter. Montis Financial LLC grew its holdings in shares of Otis Worldwide by 5.2% during the fourth quarter. Montis Financial LLC now owns 2,216 shares of the company’s stock valued at $205,000 after buying an additional 110 shares during the last quarter. AlTi Global Inc. grew its holdings in shares of Otis Worldwide by 4.9% during the fourth quarter. AlTi Global Inc. now owns 2,404 shares of the company’s stock valued at $223,000 after buying an additional 113 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC increased its position in shares of Otis Worldwide by 1.7% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 6,945 shares of the company’s stock valued at $643,000 after acquiring an additional 114 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors.

Otis Worldwide Stock Performance

The firm has a 50-day moving average of $98.98 and a 200-day moving average of $98.82. The firm has a market capitalization of $37.37 billion, a P/E ratio of 23.21 and a beta of 1.00.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. On average, research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Friday, February 14th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, February 14th. Otis Worldwide’s payout ratio is currently 38.42%.

Otis Worldwide declared that its board has initiated a share repurchase program on Thursday, January 16th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.