Otis Worldwide Co. (NYSE:OTIS) Stock Position Increased by Meyer Handelman Co.

Meyer Handelman Co. grew its position in Otis Worldwide Co. (NYSE:OTIS) by 3.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 106,541 shares of the company’s stock after purchasing an additional 3,265 shares during the period. Meyer Handelman Co.’s holdings in Otis Worldwide were worth $11,074,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in OTIS. Meeder Asset Management Inc. increased its stake in Otis Worldwide by 264.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Cranbrook Wealth Management LLC lifted its position in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. Jamison Private Wealth Management Inc. increased its position in shares of Otis Worldwide by 5,720.0% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares during the period. Hantz Financial Services Inc. bought a new stake in shares of Otis Worldwide in the 2nd quarter worth $29,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Otis Worldwide by 125.0% in the second quarter. Versant Capital Management Inc now owns 369 shares of the company’s stock valued at $36,000 after buying an additional 205 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Price Performance

NYSE:OTIS opened at $104.03 on Friday. The stock’s 50-day moving average is $96.21 and its two-hundred day moving average is $96.42. The stock has a market cap of $41.67 billion, a PE ratio of 29.06 and a beta of 1.03. Otis Worldwide Co. has a fifty-two week low of $73.32 and a fifty-two week high of $105.39.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) 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 company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the firm earned $0.92 EPS. The company’s revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts anticipate that Otis Worldwide Co. will post 3.88 earnings per share for the current year.

Otis Worldwide Announces Dividend

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

Analyst Upgrades and Downgrades

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

Otis Worldwide 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.