Otis Worldwide Corporation $OTIS Shares Sold by Meyer Handelman Co.

Key Points

• Meyer Handelman Co. reduced its stake in Otis Worldwide Corporation by 14% in Q2, owning 88,376 shares worth approximately $8.75 million.
• Multiple hedge funds have recently changed their positions in Otis, resulting in institutional investors and hedge funds collectively owning 88.03% of the company’s stock.
• Otis Worldwide announced a quarterly dividend of $0.42 per share, equivalent to a 1.9% annual yield, while also reporting mixed quarterly earnings with revenue slightly below analysts' expectations.

Meyer Handelman Co. lowered its position in Otis Worldwide Corporation (NYSE:OTIS - Free Report) by 14.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 88,376 shares of the company's stock after selling 14,369 shares during the period. Meyer Handelman Co.'s holdings in Otis Worldwide were worth $8,751,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in OTIS. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Otis Worldwide in the fourth quarter valued at about $29,451,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Otis Worldwide in the fourth quarter valued at about $12,291,000. Wealth Enhancement Advisory Services LLC lifted its position in Otis Worldwide by 14.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 30,341 shares of the company's stock valued at $2,810,000 after purchasing an additional 3,765 shares during the period. Fire Capital Management LLC acquired a new stake in Otis Worldwide in the fourth quarter valued at about $680,000. Finally, Milestone Asset Management Group LLC purchased a new position in Otis Worldwide in the fourth quarter valued at about $495,000. Institutional investors and hedge funds own 88.03% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a report on Thursday, July 24th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $100.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, July 24th. Wolfe Research raised shares of Otis Worldwide from an "underperform" rating to a "peer perform" rating in a report on Friday, July 25th. Royal Bank Of Canada dropped their target price on shares of Otis Worldwide from $108.00 to $105.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Finally, Zacks Research cut shares of Otis Worldwide from a "hold" rating to a "strong sell" rating in a report on Monday, September 15th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of "Hold" and a consensus target price of $103.00.

Otis Worldwide Price Performance

Shares of OTIS opened at $89.40 on Friday. The firm has a 50 day simple moving average of $88.47 and a 200-day simple moving average of $94.53. Otis Worldwide Corporation has a 1-year low of $84.25 and a 1-year high of $106.83. The stock has a market cap of $35.09 billion, a price-to-earnings ratio of 23.65, a price-to-earnings-growth ratio of 4.27 and a beta of 0.98.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.03 by $0.02. Otis Worldwide had a net margin of 10.68% and a negative return on equity of 30.95%. The business had revenue of $3.60 billion during the quarter, compared to analysts' expectations of $3.73 billion. During the same period last year, the company posted $1.06 EPS. The company's revenue was down .2% on a year-over-year basis. Otis Worldwide has set its FY 2025 guidance at 4.000-4.10 EPS. On average, equities analysts expect that Otis Worldwide Corporation will post 4.04 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 15th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 15th. Otis Worldwide's dividend payout ratio (DPR) is 44.44%.

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.

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