Short Interest in Otis Worldwide Co. (NYSE:OTIS) Drops By 31.0%

Otis Worldwide Co. (NYSE:OTIS) was the recipient of a large drop in short interest during the month of June. As of June 15th, there was short interest totalling 4,980,000 shares, a drop of 31.0% from the May 31st total of 7,220,000 shares. Approximately 1.2% of the shares of the company are sold short. Based on an average daily trading volume, of 1,950,000 shares, the short-interest ratio is currently 2.6 days.

Otis Worldwide Stock Up 0.3 %

Shares of NYSE:OTIS opened at $96.26 on Monday. The company has a 50 day moving average of $96.20 and a two-hundred day moving average of $93.97. The company has a market capitalization of $38.92 billion, a price-to-earnings ratio of 27.82 and a beta of 1.03. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.84.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, equities analysts anticipate that Otis Worldwide will post 3.88 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 7th. Investors of record on Friday, May 17th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, May 16th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Insider Activity at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.23% of the stock is currently owned by insiders.

Institutional Trading of Otis Worldwide

Several hedge funds have recently made changes to their positions in the stock. Cetera Trust Company N.A acquired a new position in shares of Otis Worldwide during the fourth quarter valued at $27,000. LifeSteps Financial Inc. acquired a new stake in shares of Otis Worldwide in the 1st quarter worth approximately $31,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at approximately $28,000. Orion Capital Management LLC bought a new position in Otis Worldwide during the 3rd quarter valued at $30,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new position in shares of Otis Worldwide during the 4th quarter valued at $35,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating on the stock. Barclays increased their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Argus increased their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $99.33.

Otis Worldwide Company Profile

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.