Short Interest in Otis Worldwide Corporation (NYSE:OTIS) Grows By 22.2%

Otis Worldwide Corporation (NYSE:OTIS) was the recipient of a large 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. Based on an average trading volume of 4,566,247 shares, the days-to-cover ratio is presently 2.6 days. Currently, 3.1% of the company’s stock are short sold. Currently, 3.1% of the company’s stock are short sold. Based on an average trading volume of 4,566,247 shares, the days-to-cover ratio is presently 2.6 days.

Analysts Set New Price Targets

OTIS has been the topic of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a research report on Monday, December 29th. New Street Research set a $98.00 target price on shares of Otis Worldwide in a report on Friday, January 30th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research report on Friday, January 30th. Finally, Wells Fargo & Company cut their target price on Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $101.44.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 47,944 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were sold at an average price of $92.25, for a total value of $4,422,834.00. Following the completion of the transaction, the insider owned 29,176 shares in the company, valued at $2,691,486. This represents a 62.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $90.06, for a total value of $106,450.92. Following the transaction, the chief accounting officer directly owned 3,504 shares in the company, valued at approximately $315,570.24. The trade was a 25.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 158,013 shares of company stock valued at $14,337,635 in the last ninety days. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OTIS. Root Financial Partners LLC purchased a new stake in shares of Otis Worldwide during the third quarter worth about $26,000. Camelot Portfolios LLC acquired a new stake in Otis Worldwide during the fourth quarter worth approximately $26,000. Stance Capital LLC purchased a new stake in Otis Worldwide in the 3rd quarter worth approximately $27,000. Garton & Associates Financial Advisors LLC purchased a new stake in Otis Worldwide in the 4th quarter worth approximately $27,000. Finally, Nemes Rush Group LLC raised its holdings in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

OTIS traded down $0.50 during midday trading on Thursday, reaching $90.65. 1,809,696 shares of the company’s stock were exchanged, compared to its average volume of 3,775,932. Otis Worldwide has a 1-year low of $84.00 and a 1-year high of $106.83. The stock has a market capitalization of $35.24 billion, a PE ratio of 25.90, a P/E/G ratio of 2.78 and a beta of 1.00. The business’s 50-day moving average price is $89.78 and its 200 day moving average price is $89.36.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.03. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 30.42%. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the company posted $0.93 EPS. The company’s revenue was up 3.3% on a year-over-year basis. As a group, analysts expect that Otis Worldwide will post 4.04 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be given a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, February 13th. Otis Worldwide’s dividend payout ratio is currently 48.00%.

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.