Meyer Handelman Co. grew its holdings in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 1.5% during the second quarter, Holdings Channel.com reports. The firm owned 109,762 shares of the company’s stock after acquiring an additional 1,600 shares during the period. Meyer Handelman Co.’s holdings in Otis Worldwide were worth $7,757,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Otis Worldwide during the fourth quarter valued at $335,180,000. Viking Global Investors LP acquired a new position in shares of Otis Worldwide during the first quarter valued at $272,262,000. Wellington Management Group LLP lifted its stake in shares of Otis Worldwide by 54.3% during the first quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock valued at $324,857,000 after acquiring an additional 1,484,963 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Otis Worldwide by 66.9% during the first quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock valued at $265,764,000 after acquiring an additional 1,384,353 shares during the period. Finally, Lazard Freres Gestion S.A.S. acquired a new position in shares of Otis Worldwide during the first quarter valued at $99,844,000. Institutional investors and hedge funds own 83.16% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on OTIS. BNP Paribas lowered Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their target price for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Barclays cut their target price on Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Friday, July 8th. Exane BNP Paribas lowered Otis Worldwide from an “outperform” rating to a “neutral” rating and cut their target price for the company from $95.00 to $80.00 in a research note on Tuesday, July 5th. Credit Suisse Group increased their target price on Otis Worldwide from $79.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, July 28th. Finally, JPMorgan Chase & Co. lowered Otis Worldwide from an “overweight” rating to a “neutral” rating and cut their target price for the company from $100.00 to $62.00 in a research note on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $77.40.
Otis Worldwide Trading Up 0.3 %
Otis Worldwide (NYSE:OTIS – Get Rating) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.08. Otis Worldwide had a negative return on equity of 32.91% and a net margin of 8.83%. The company had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.56 billion. During the same period last year, the firm posted $0.79 earnings per share. The business’s revenue was down 5.8% on a year-over-year basis. Research analysts anticipate that Otis Worldwide Co. will post 3.2 EPS for the current year.
Otis Worldwide Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Saturday, September 10th. Investors of record on Friday, August 19th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.16 annualized dividend and a yield of 1.77%. Otis Worldwide’s payout ratio is currently 39.86%.
Insider Buying and Selling
In other Otis Worldwide news, CFO Rahul Ghai sold 2,618 shares of the firm’s stock in a transaction on Monday, August 1st. The stock was sold at an average price of $78.55, for a total transaction of $205,643.90. Following the transaction, the chief financial officer now owns 7,063 shares in the company, valued at approximately $554,798.65. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Nora E. Lafreniere sold 13,576 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $76.54, for a total transaction of $1,039,107.04. Following the sale, the executive vice president now owns 12,376 shares in the company, valued at approximately $947,259.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Rahul Ghai sold 2,618 shares of Otis Worldwide stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $78.55, for a total value of $205,643.90. Following the transaction, the chief financial officer now directly owns 7,063 shares in the company, valued at $554,798.65. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by insiders.
Otis Worldwide Company Profile
Otis Worldwide Corporation manufactures, installs, and services 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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