Otis Worldwide Co. (NYSE:OTIS) Short Interest Down 31.0% in June

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

Insider Activity at Otis Worldwide

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

Institutional Trading of Otis Worldwide

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Otis Worldwide by 14.8% in the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after acquiring an additional 5,913,933 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Otis Worldwide by 47.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after acquiring an additional 2,442,203 shares during the last quarter. Norges Bank purchased a new position in Otis Worldwide in the 4th quarter worth $628,855,000. PineStone Asset Management Inc. raised its stake in Otis Worldwide by 17.4% in the 4th quarter. PineStone Asset Management Inc. now owns 3,338,785 shares of the company’s stock worth $298,721,000 after acquiring an additional 494,460 shares during the last quarter. Finally, Sarasin & Partners LLP raised its stake in Otis Worldwide by 11.2% in the 1st quarter. Sarasin & Partners LLP now owns 3,251,612 shares of the company’s stock worth $322,788,000 after acquiring an additional 328,539 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Up 0.3 %

Shares of NYSE:OTIS opened at $96.26 on Monday. The stock has a market cap of $38.92 billion, a P/E ratio of 27.82 and a beta of 1.03. The business’s 50 day moving average is $96.20 and its 200 day moving average is $93.97. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.84.

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

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 7th. Shareholders of record on Friday, May 17th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Wall Street Analysts Forecast Growth

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