Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Meyer Handelman Co.

Meyer Handelman Co. lessened its holdings in Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 102,745 shares of the company's stock after selling 2,823 shares during the quarter. Meyer Handelman Co.'s holdings in Otis Worldwide were worth $10,603,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of OTIS. JPMorgan Chase & Co. grew its position in Otis Worldwide by 41.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the last quarter. PFG Investments LLC grew its position in shares of Otis Worldwide by 4.1% during the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company's stock worth $309,000 after buying an additional 131 shares in the last quarter. Blue Trust Inc. grew its position in shares of Otis Worldwide by 43.3% during the 4th quarter. Blue Trust Inc. now owns 4,452 shares of the company's stock worth $412,000 after buying an additional 1,345 shares in the last quarter. R Squared Ltd bought a new position in shares of Otis Worldwide during the 4th quarter worth $49,000. Finally, Hanson & Doremus Investment Management grew its position in shares of Otis Worldwide by 15.8% during the 4th quarter. Hanson & Doremus Investment Management now owns 1,097 shares of the company's stock worth $102,000 after buying an additional 150 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Otis Worldwide stock traded up $0.74 during midday trading on Tuesday, reaching $94.95. The company's stock had a trading volume of 2,359,714 shares, compared to its average volume of 2,318,859. The stock's 50-day simple moving average is $96.97 and its 200-day simple moving average is $97.32. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a market capitalization of $37.47 billion, a P/E ratio of 23.39 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a negative return on equity of 31.76% and a net margin of 11.53%. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the business posted $0.88 earnings per share. The firm's revenue was down 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Otis Worldwide Co. will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Friday, May 16th. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.77%. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on OTIS shares. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company decreased their price objective on Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. Barclays decreased their price objective on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research note on Friday, April 25th. Finally, Royal Bank of Canada decreased their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued 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 $100.71.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now directly owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

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.