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

Allspring Global Investments Holdings LLC reduced its position in Otis Worldwide Co. (NYSE:OTIS) by 64.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 93,728 shares of the company’s stock after selling 167,585 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Otis Worldwide were worth $8,386,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. increased its position in Otis Worldwide by 8.6% in the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock valued at $601,000 after acquiring an additional 620 shares during the period. Cibc World Market Inc. increased its position in Otis Worldwide by 3.0% in the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock valued at $898,000 after acquiring an additional 338 shares during the period. Moors & Cabot Inc. increased its position in Otis Worldwide by 7.7% in the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock valued at $506,000 after acquiring an additional 469 shares during the period. Sequoia Financial Advisors LLC increased its position in Otis Worldwide by 25.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock valued at $272,000 after acquiring an additional 715 shares during the period. Finally, Brighton Jones LLC increased its position in Otis Worldwide by 5.0% in the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock valued at $298,000 after acquiring an additional 183 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction 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 sale, 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 insiders.

Otis Worldwide Price Performance

Shares of NYSE:OTIS opened at $94.96 on Thursday. The business’s 50 day simple moving average is $95.93 and its 200-day simple moving average is $88.68. The firm has a market capitalization of $38.38 billion, a price-to-earnings ratio of 28.01 and a beta of 1.01. Otis Worldwide Co. has a 12 month low of $73.32 and a 12 month high of $100.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly 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 business 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 quarter in the previous year, the company earned $0.75 EPS. On average, equities analysts anticipate that Otis Worldwide Co. will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis 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 presently 40.12%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company dropped 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. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Melius assumed coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating on the stock. Finally, UBS Group boosted their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, February 16th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and an average target price of $94.29.

Otis Worldwide Company 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.