Holdings of Otis Worldwide Corporation (OTIS) are aligned with the stars

Otis Worldwide Corporation (NYSE: OTIS) stock jumped 0.34% on Friday to $79.50 against a previous-day closing price of $79.23. With 2.0 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.52 million shares. During the session, the Specialty Industrial Machinery company that operates in wider Industrials sector, reached to the highest price of $79.81 whereas the lowest price it dropped to was $79.04. The 52-week range on OTIS shows that it touched its highest point at $92.84 and its lowest point at $66.97 during that stretch. It currently has a 1-year price target of $80.83. With its current market cap of 32.87 billion, OTIS has annualized dividend of $1.16 while the current yield stands at 1.46%.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OTIS was up-trending over the past week, with a rise of 3.45%, but this was up by 11.56% over a month. Three-month performance surged to 3.79% while six-month performance fell -4.53%. The stock lost -12.44% in the past year, while it has lost -8.69% so far this year. A look at the trailing 12-month EPS for OTIS yields 2.91 with Next year EPS estimates of 3.54. For the next quarter, that number is 0.79. This implies an EPS growth rate of 38.50% for this year and 10.47% for next year.

Float and Shares Shorts:

At present, 424.77 million OTIS shares are outstanding with a float of 422.43 million shares on hand for trading. On Jul 14, 2022, short shares totaled 6.78 million, which was 1.60% higher than short shares on Jun 14, 2022. In addition to Ms. Judith F. Marks as the firm’s Chair, Pres & CEO, Ms. Nora E. LaFreniere serves as its Exec. VP & Chief Gen. Counsel.

Institutional Ownership:

Through their ownership of 86.83% of OTIS’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 47.40% of OTIS, in contrast to 38.74% held by mutual funds. Shares owned by individuals account for 0.05%. As the largest shareholder in OTIS with 8.88% of the stake, The Vanguard Group, Inc. holds 37,543,429 shares worth 37,543,429. A second-largest stockholder of OTIS, BlackRock Fund Advisors, holds 19,629,386 shares, controlling over 4.64% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in OTIS, holding 16,555,981 shares or 3.92% stake. With a 2.95% stake in OTIS, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 12,462,833 shares are owned by the mutual fund manager. The Vanguard 500 Index Fund, which owns about 2.21% of OTIS stock, is the second-largest Mutual Fund holder. It holds 9,357,818 shares valued at 661.32 million. Vanguard Mid Cap Index Fund holds 1.15% of the stake in OTIS, owning 4,867,305 shares worth 343.97 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OTIS since 17 analysts follow the stock currently. There are 6 analysts who recommend BUY ratings, while 1 suggest SELL ratings. Of the remaining analysts, 8 believe that the stock is worth HOLDING, 2 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With OTIS analysts setting a high price target of $90.00 and a low target of $65.00, the average target price over the next 12 months is $79.69. Based on these targets, OTIS could surge 13.21% to reach the target high and fall by -18.24% to reach the target low. Reaching the average price target will result in a growth of 0.24% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. OTIS will report FY 2022 earnings on 01/30/2023. Analysts have provided yearly estimates in a range of $3.32 being high and $3.09 being low. For OTIS, this leads to a yearly average estimate of $3.19. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Otis Worldwide Corporation surprised analysts by $0.08 when it reported $0.86 EPS against a consensus estimate of $0.78. The surprise factor in the prior quarter was $0.03. Based on analyst estimates, the high estimate for the next quarter is $0.79 and the low estimate is $0.76. The average estimate for the next quarter is thus $0.78.

Summary of Insider Activity:

Insiders traded OTIS stock several times over the past three months with 2 Buys and 4 Sells. In these transactions, 11,375 shares were bought while 11,375 shares were sold. The number of buy transactions has increased to 12 while that of sell transactions has risen to 14 over the past year. The total number of shares bought during that period was 50,619 while 28,316 shares were sold.

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