Meyer Handelman Co. Has $3.82 Million Holdings in Otis Worldwide Corporation $OTIS

Meyer Handelman Co. cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 39.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,602 shares of the company’s stock after selling 32,776 shares during the period. Meyer Handelman Co.’s holdings in Otis Worldwide were worth $3,823,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stance Capital LLC bought a new position in Otis Worldwide during the third quarter valued at about $27,000. Camelot Portfolios LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $26,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter worth approximately $27,000. Elevation Wealth Partners LLC acquired a new stake in shares of Otis Worldwide during the 4th quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in shares of Otis Worldwide during the fourth quarter valued at approximately $33,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Otis Worldwide Trading Up 1.3%

Shares of Otis Worldwide stock opened at $73.57 on Friday. The stock has a market capitalization of $28.23 billion, a price-to-earnings ratio of 19.57, a P/E/G ratio of 2.37 and a beta of 0.91. The firm’s 50-day moving average price is $73.82 and its two-hundred day moving average price is $82.15. Otis Worldwide Corporation has a 1-year low of $69.16 and a 1-year high of $101.42.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 22nd. The company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.02). The business had revenue of $3.57 billion for the quarter, compared to analyst estimates of $3.77 billion. Otis Worldwide had a net margin of 10.11% and a negative return on equity of 29.39%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.92 earnings per share. Otis Worldwide has set its FY 2026 guidance at 4.200-4.240 EPS. As a group, equities research analysts predict that Otis Worldwide Corporation will post 4.2 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.42. The ex-dividend date was Friday, May 15th. Otis Worldwide’s dividend payout ratio is 46.81%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Weiss Ratings cut Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Royal Bank Of Canada lowered their price target on shares of Otis Worldwide from $110.00 to $105.00 and set an “outperform” rating on the stock in a report on Thursday, April 23rd. Barclays reduced their price objective on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a report on Thursday, April 23rd. Morgan Stanley set a $88.00 target price on shares of Otis Worldwide in a research note on Friday, April 24th. Finally, Evercore began coverage on shares of Otis Worldwide in a research note on Monday, April 13th. They set an “outperform” rating and a $100.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus price target of $97.58.

About Otis Worldwide

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.