Otis Worldwide (NYSE:OTIS) Hits New 1-Year Low - Here's What Happened

Key Points

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Shares of Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $85.85 and last traded at $86.25, with a volume of 281017 shares changing hands. The stock had previously closed at $86.43.

Analyst Ratings Changes

OTIS has been the topic of several analyst reports. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 24th. Deutsche Bank Aktiengesellschaft assumed coverage on Otis Worldwide in a research note on Monday, July 14th. They issued a "hold" rating and a $109.00 price target on the stock. Wolfe Research raised Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $109.00 to $101.00 and set an "overweight" rating for the company in a research note on Thursday, July 24th. Finally, Morgan Stanley increased their price objective on Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of "Hold" and an average price target of $102.50.

Otis Worldwide Price Performance

The company has a market capitalization of $33.29 billion, a price-to-earnings ratio of 22.44, a PEG ratio of 4.08 and a beta of 0.95. The stock has a 50-day moving average price of $95.84 and a 200-day moving average price of $97.11.

Otis Worldwide (NYSE:OTIS - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. The firm's quarterly revenue was down .2% compared to the same quarter last year. During the same quarter last year, the company earned $1.06 earnings per share. Equities analysts forecast that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Otis Worldwide's dividend payout ratio is presently 44.44%.

Hedge Funds Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently bought and sold shares of OTIS. Vanguard Group Inc. boosted its position in shares of Otis Worldwide by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,293 shares of the company's stock valued at $4,808,634,000 after purchasing an additional 1,591,450 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Otis Worldwide by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 37,920,025 shares of the company's stock worth $3,913,347,000 after acquiring an additional 2,396,134 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its holdings in shares of Otis Worldwide by 1.2% during the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 5,159,105 shares of the company's stock valued at $477,785,000 after acquiring an additional 60,564 shares in the last quarter. PineStone Asset Management Inc. increased its holdings in shares of Otis Worldwide by 13.3% during the second quarter. PineStone Asset Management Inc. now owns 4,639,065 shares of the company's stock valued at $459,360,000 after acquiring an additional 543,933 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Otis Worldwide by 12.3% during the fourth quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock valued at $423,934,000 after acquiring an additional 501,016 shares in the last quarter. Institutional investors and hedge funds own 88.03% of the company's stock.

About Otis Worldwide

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.