Allspring Global Investments Holdings LLC Lowers Holdings in Otis Worldwide Co. (NYSE:OTIS)

Allspring Global Investments Holdings LLC reduced its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 64.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,728 shares of the company’s stock after selling 167,585 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Otis Worldwide were worth $8,386,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Otis Worldwide by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 39,127,186 shares of the company’s stock worth $3,010,837,000 after purchasing an additional 829,784 shares during the last quarter. Morgan Stanley increased its position in Otis Worldwide by 5.4% during the 4th quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock valued at $1,034,530,000 after buying an additional 681,992 shares in the last quarter. Alliancebernstein L.P. increased its position in Otis Worldwide by 32.5% during the 2nd quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after buying an additional 2,999,494 shares in the last quarter. JPMorgan Chase & Co. increased its position in Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock valued at $605,571,000 after buying an additional 2,442,203 shares in the last quarter. Finally, Norges Bank acquired a new position in Otis Worldwide during the 4th quarter valued at about $370,013,000. 88.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OTIS has been the topic of several recent analyst reports. Argus raised Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Wells Fargo & Company reduced their target price on Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 1st. UBS Group increased their price objective on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, Vertical Research lowered Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $94.29.

Insider Buying and Selling

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the transaction, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

Otis Worldwide Stock Down 1.1 %

Otis Worldwide stock opened at $94.96 on Thursday. The firm has a market cap of $38.38 billion, a price-to-earnings ratio of 28.01 and a beta of 1.01. Otis Worldwide Co. has a 52 week low of $73.32 and a 52 week high of $100.35. The business’s 50-day moving average price is $95.93 and its 200 day moving average price is $88.68.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.85 by $0.02. The firm had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. During the same period last year, the company earned $0.75 earnings per share. Equities analysts expect that Otis Worldwide Co. will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is 40.12%.

About Otis Worldwide

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.