Meyer Handelman Co. Has $9.78 Million Stake in Otis Worldwide Co. (NYSE:OTIS)

Meyer Handelman Co. lowered its position in Otis Worldwide Co. (NYSE:OTIS) by 0.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 105,568 shares of the company’s stock after selling 973 shares during the quarter. Meyer Handelman Co.’s holdings in Otis Worldwide were worth $9,777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Optas LLC increased its holdings in shares of Otis Worldwide by 2.2% during the 3rd quarter. Optas LLC now owns 5,522 shares of the company’s stock worth $574,000 after acquiring an additional 118 shares during the last quarter. Rehmann Capital Advisory Group raised its position in shares of Otis Worldwide by 4.4% in the third quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after purchasing an additional 122 shares during the period. Brighton Jones LLC raised its position in shares of Otis Worldwide by 5.0% in the second quarter. Brighton Jones LLC now owns 2,580 shares of the company’s stock valued at $248,000 after purchasing an additional 124 shares during the period. Groupama Asset Managment lifted its stake in shares of Otis Worldwide by 1.4% during the 3rd quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after buying an additional 132 shares during the last quarter. Finally, Selway Asset Management boosted its holdings in shares of Otis Worldwide by 0.8% during the 3rd quarter. Selway Asset Management now owns 20,021 shares of the company’s stock worth $2,081,000 after buying an additional 150 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on OTIS shares. Barclays lowered their price target on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. Wolfe Research lowered Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. UBS Group assumed coverage on Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Finally, Wells Fargo & Company dropped their target price on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $103.50.

Otis Worldwide Stock Performance

OTIS opened at $91.72 on Wednesday. Otis Worldwide Co. has a 52-week low of $85.42 and a 52-week high of $106.33. The firm has a market cap of $36.64 billion, a P/E ratio of 22.87 and a beta of 1.06. The business’s fifty day moving average is $97.23 and its 200-day moving average is $97.34.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up .7% on a year-over-year basis. On average, research analysts predict that Otis Worldwide Co. will post 3.86 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 15th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.70%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of Otis Worldwide stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total value of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at $1,009,391.84. The trade was a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.23% of the company’s stock.

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.