Otis Worldwide Co. (NYSE:OTIS) Sees Significant Drop in Short Interest

Otis Worldwide Co. (NYSE:OTIS) saw a large decrease in short interest in 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. Currently, 1.7% of the shares of the stock are sold short. Based on an average daily volume of 2,150,000 shares, the short-interest ratio is presently 3.2 days.

Insider Activity

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Otis Worldwide

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new position in shares of Otis Worldwide during the 3rd quarter worth about $25,000. Meeder Asset Management Inc. boosted its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after acquiring an additional 196 shares during the last quarter. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% during the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after purchasing an additional 250 shares during the period. Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter valued at approximately $28,000. Finally, Hantz Financial Services Inc. acquired a new stake in Otis Worldwide in the second quarter worth $29,000. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OTIS shares. Barclays cut shares of Otis Worldwide from an “equal weight” rating to an “underweight” rating and set a $94.00 price objective on the stock. in a research note on Thursday, December 5th. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price objective on shares of Otis Worldwide in a research note on Thursday, September 19th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price for the company. in a research note on Thursday. Finally, Wells Fargo & Company reduced their price target 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. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $104.50.

Otis Worldwide Stock Down 0.5 %

OTIS stock traded down $0.48 during midday trading on Friday, reaching $97.79. The stock had a trading volume of 1,471,427 shares, compared to its average volume of 2,080,366. Otis Worldwide has a twelve month low of $85.42 and a twelve month high of $106.33. The firm has a market cap of $39.06 billion, a price-to-earnings ratio of 24.39 and a beta of 1.04. The business has a fifty day simple moving average of $101.40 and a two-hundred day simple moving average of $97.98.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share 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 business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $0.95 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, equities analysts predict that Otis Worldwide will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared 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 of this dividend was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio is currently 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.