Meyer Handelman Co. Sells 32,776 Shares of Otis Worldwide Corporation $OTIS

Meyer Handelman Co. lowered its stake in Otis Worldwide Corporation (NYSE:OTIS) by 39.8% in the first quarter, HoldingsChannel.com reports. The firm owned 49,602 shares of the company’s stock after selling 32,776 shares during the quarter. Meyer Handelman Co.’s holdings in Otis Worldwide were worth $3,823,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of OTIS. Stance Capital LLC acquired a new position in Otis Worldwide during the 3rd quarter worth $27,000. Camelot Portfolios LLC acquired a new stake in shares of Otis Worldwide in the 4th quarter valued at $26,000. Garton & Associates Financial Advisors LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $27,000. Elevation Wealth Partners LLC bought a new stake in shares of Otis Worldwide during the fourth quarter worth $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Otis Worldwide during the fourth quarter valued at $33,000. Institutional investors own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OTIS shares. Sanford C. Bernstein assumed coverage on Otis Worldwide in a report on Tuesday, June 9th. They issued an “outperform” rating and a $97.00 price target on the stock. Weiss Ratings downgraded shares of Otis Worldwide from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, May 15th. Evercore began coverage on shares of Otis Worldwide in a research report on Monday, April 13th. They set an “outperform” rating and a $100.00 target price on the stock. UBS Group set a $105.00 target price on shares of Otis Worldwide in a research note on Thursday, April 23rd. Finally, Barclays lowered their price target on shares of Otis Worldwide from $80.00 to $77.00 and set an “underweight” rating for the company in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $97.58.

Otis Worldwide Stock Up 1.3%

NYSE:OTIS opened at $73.57 on Friday. Otis Worldwide Corporation has a 12-month low of $69.16 and a 12-month high of $101.42. The firm has a market capitalization of $28.23 billion, a P/E ratio of 19.57, a P/E/G ratio of 2.37 and a beta of 0.91. The stock’s fifty day simple moving average is $73.82 and its 200-day simple moving average is $82.15.

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

Otis Worldwide Increases Dividend

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

Otis Worldwide Company Profile

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.