Otis Worldwide Corporation (NYSE:OTIS) Short Interest Update

Otis Worldwide Corporation (NYSE:OTIS) was the target of a significant growth in short interest in February. As of February 13th, there was short interest totaling 12,082,169 shares, a growth of 22.2% from the January 29th total of 9,883,220 shares. Approximately 3.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 4,566,247 shares, the days-to-cover ratio is presently 2.6 days. Based on an average daily trading volume, of 4,566,247 shares, the days-to-cover ratio is presently 2.6 days. Approximately 3.1% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OTIS shares. Weiss Ratings reissued a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. JPMorgan Chase & Co. downgraded Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price objective for the company. in a report on Friday, January 30th. Wall Street Zen downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Finally, BNP Paribas Exane raised Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Tuesday, December 9th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Trading Down 1.3%

NYSE OTIS traded down $1.19 during trading hours on Tuesday, hitting $92.43. 3,768,929 shares of the company’s stock were exchanged, compared to its average volume of 3,866,020. The firm has a market cap of $35.93 billion, a price-to-earnings ratio of 26.41, a PEG ratio of 2.79 and a beta of 1.00. The stock has a 50-day simple moving average of $89.62 and a 200 day simple moving average of $89.31. Otis Worldwide has a 1-year low of $84.00 and a 1-year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 28th. The company reported $1.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.03. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.88 billion. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The company’s revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.93 earnings per share. On average, sell-side analysts anticipate that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio (DPR) is presently 48.00%.

Insiders Place Their Bets

In related news, CAO Michael Patrick Ryan sold 1,182 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at $315,570.24. This represents a 25.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Judith Fran Marks sold 56,107 shares of the stock in a transaction that occurred on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the transaction, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. The trade was a 19.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 158,013 shares of company stock worth $14,337,635. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently made changes to their positions in OTIS. Root Financial Partners LLC bought a new stake in Otis Worldwide in the 3rd quarter valued at about $26,000. Camelot Portfolios LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $26,000. Stance Capital LLC acquired a new position in shares of Otis Worldwide during the third quarter worth approximately $27,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Otis Worldwide in the 4th quarter worth $27,000. Finally, Nemes Rush Group LLC lifted its holdings in shares of Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. 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.