Otis Worldwide (NYSE:OTIS) Sets New 52-Week Low - What's Next?

Otis Worldwide Corporation (NYSE:OTIS - Get Free Report) shares reached a new 52-week low on Wednesday . The company traded as low as $86.00 and last traded at $90.28, with a volume of 1943852 shares trading hands. The stock had previously closed at $100.99.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on OTIS shares. Wolfe Research upgraded shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a research note on Friday. Morgan Stanley increased their target price on shares of Otis Worldwide from $97.00 to $105.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Otis Worldwide in a report on Monday, July 14th. They set a "hold" rating and a $109.00 target price on the stock. Finally, Barclays dropped their price target on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and a consensus target price of $102.50.

Otis Worldwide Stock Performance

The business's 50 day moving average is $97.14 and its 200-day moving average is $97.26. The stock has a market cap of $35.40 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 2.40 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.02. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.73 billion. Otis Worldwide had a negative return on equity of 30.95% and a net margin of 10.68%. Otis Worldwide's revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.06 EPS. Sell-side analysts anticipate that Otis Worldwide Corporation will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 15th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.87%. Otis Worldwide's payout ratio is 44.09%.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of OTIS. Transce3nd LLC acquired a new position in shares of Otis Worldwide in the 4th quarter worth $25,000. NBC Securities Inc. purchased a new position in shares of Otis Worldwide during the first quarter valued at $25,000. Aster Capital Management DIFC Ltd purchased a new position in Otis Worldwide in the fourth quarter valued at about $28,000. Wayfinding Financial LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth about $31,000. Finally, Cheviot Value Management LLC bought a new stake in shares of Otis Worldwide during the 1st quarter worth about $31,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

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.