Otis Worldwide Co. (NYSE:OTIS) Sees Large Decline in Short Interest

Otis Worldwide Co. (NYSE:OTIS) was the target of a large decrease in short interest during the month of November. As of November 30th, there was short interest totalling 6,780,000 shares, a decrease of 23.6% from the November 15th total of 8,870,000 shares. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is presently 3.2 days. Approximately 1.7% of the company’s shares are short sold.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently made changes to their positions in OTIS. Riverview Trust Co purchased a new position in Otis Worldwide in the 3rd quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC lifted its holdings in shares of Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after buying an additional 250 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Otis Worldwide in the third quarter worth $28,000. Finally, Hantz Financial Services Inc. bought a new position in shares of Otis Worldwide during the second quarter worth $29,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OTIS. Morgan Stanley started coverage on Otis Worldwide in a report on Friday, September 6th. They set an “equal weight” rating and a $97.00 target price on the stock. Wolfe Research cut shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a report on Thursday. UBS Group assumed coverage on Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price target on the stock. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $104.50.

Otis Worldwide Trading Down 0.5 %

Otis Worldwide stock opened at $97.79 on Monday. Otis Worldwide has a 12-month low of $85.42 and a 12-month high of $106.33. The firm has a market capitalization of $39.06 billion, a price-to-earnings ratio of 24.39 and a beta of 1.04. The firm has a 50 day moving average of $101.40 and a 200 day moving average of $98.02.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts predict that Otis Worldwide will post 3.86 EPS for the current year.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s payout ratio is 38.90%.

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.