Meyer Handelman Co. Purchases 3,265 Shares of Otis Worldwide Co. (NYSE:OTIS)

Meyer Handelman Co. boosted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 3.2% in the third quarter, HoldingsChannel reports. The firm owned 106,541 shares of the company’s stock after acquiring an additional 3,265 shares during the period. Meyer Handelman Co.’s holdings in Otis Worldwide were worth $11,074,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. increased its stake in shares of Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares in the last quarter. Cranbrook Wealth Management LLC grew its holdings in Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after acquiring an additional 250 shares during the last quarter. Jamison Private Wealth Management Inc. increased its position in Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. Hantz Financial Services Inc. bought a new position in shares of Otis Worldwide in the second quarter worth about $29,000. Finally, Versant Capital Management Inc lifted its position in shares of Otis Worldwide by 125.0% during the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock worth $36,000 after purchasing an additional 205 shares in the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

NYSE OTIS opened at $104.03 on Friday. Otis Worldwide Co. has a 52-week low of $73.32 and a 52-week high of $105.39. The business has a 50 day simple moving average of $96.21 and a 200 day simple moving average of $96.42. The stock has a market cap of $41.67 billion, a price-to-earnings ratio of 29.06 and a beta of 1.03.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.74 billion. During the same period in the prior year, the business earned $0.92 EPS. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, analysts predict that Otis Worldwide Co. will post 3.88 EPS for the current year.

Otis Worldwide Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Friday, August 16th. Otis Worldwide’s payout ratio is 43.58%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OTIS. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price objective for the company. Royal Bank of Canada restated an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a research report on Thursday, September 19th. Wells Fargo & Company raised their price target on Otis Worldwide from $95.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Barclays boosted their price objective on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $102.71.

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.