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

Otis Worldwide Co. (NYSE:OTIS – Get Rating) was the target of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 5,290,000 shares, a growth of 21.6% from the March 15th total of 4,350,000 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average trading volume of 2,950,000 shares, the days-to-cover ratio is currently 1.8 days.

Several institutional investors have recently made changes to their positions in the company. Ellevest Inc. grew its position in Otis Worldwide by 18.0% in the 1st quarter. Ellevest Inc. now owns 4,724 shares of the company’s stock valued at $364,000 after buying an additional 720 shares during the last quarter. Avity Investment Management Inc. grew its position in Otis Worldwide by 4.5% in the 1st quarter. Avity Investment Management Inc. now owns 3,457 shares of the company’s stock valued at $266,000 after buying an additional 150 shares during the last quarter. Veracity Capital LLC grew its position in Otis Worldwide by 7.3% in the 1st quarter. Veracity Capital LLC now owns 17,705 shares of the company’s stock valued at $1,362,000 after buying an additional 1,198 shares during the last quarter. Connecticut Wealth Management LLC grew its position in Otis Worldwide by 43.6% in the 1st quarter. Connecticut Wealth Management LLC now owns 448,163 shares of the company’s stock valued at $34,486,000 after buying an additional 135,990 shares during the last quarter. Finally, AE Wealth Management LLC boosted its position in shares of Otis Worldwide by 13.1% during the 1st quarter. AE Wealth Management LLC now owns 8,797 shares of the company’s stock worth $677,000 after purchasing an additional 1,018 shares in the last quarter. 81.27% of the stock is currently owned by institutional investors and hedge funds.

Shares of Otis Worldwide stock traded up $1.75 during trading on Tuesday, reaching $75.37. The company’s stock had a trading volume of 1,369,977 shares, compared to its average volume of 2,828,028. The company has a 50-day moving average price of $76.79 and a two-hundred day moving average price of $81.33. The firm has a market cap of $31.86 billion, a PE ratio of 25.47 and a beta of 0.94. Otis Worldwide has a fifty-two week low of $69.83 and a fifty-two week high of $92.84.

Otis Worldwide (NYSE:OTIS – Get Rating) last announced its earnings results on Monday, January 31st. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. The business had revenue of $3.57 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a net margin of 8.71% and a negative return on equity of 39.58%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. As a group, sell-side analysts anticipate that Otis Worldwide will post 3.28 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 10th. Stockholders of record on Friday, February 18th were issued a $0.24 dividend. The ex-dividend date was Thursday, February 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.27%. Otis Worldwide’s payout ratio is 33.22%.

About Otis Worldwide (Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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