Nuveen Asset Management LLC Cuts Stake in Otis Worldwide Co. (NYSE:OTIS)

Nuveen Asset Management LLC lessened its position in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 865,913 shares of the company's stock after selling 16,978 shares during the period. Nuveen Asset Management LLC owned about 0.22% of Otis Worldwide worth $80,192,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in Otis Worldwide by 41.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company's stock valued at $2,918,223,000 after purchasing an additional 8,161,946 shares during the last quarter. Norges Bank bought a new stake in Otis Worldwide during the fourth quarter worth about $649,883,000. Canoe Financial LP raised its position in Otis Worldwide by 699.5% during the fourth quarter. Canoe Financial LP now owns 1,033,423 shares of the company's stock valued at $95,705,000 after purchasing an additional 904,157 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Otis Worldwide in the fourth quarter valued at about $66,962,000. Finally, Northern Trust Corp increased its position in Otis Worldwide by 12.3% during the 4th quarter. Northern Trust Corp now owns 4,577,626 shares of the company's stock worth $423,934,000 after purchasing an additional 501,016 shares in the last quarter. Institutional investors own 88.03% of the company's stock.

Otis Worldwide Price Performance

Shares of OTIS stock traded down $0.36 during mid-day trading on Tuesday, hitting $98.18. 2,410,309 shares of the stock traded hands, compared to its average volume of 2,327,580. The stock's fifty day moving average is $97.96 and its two-hundred day moving average is $97.59. Otis Worldwide Co. has a 52-week low of $89.70 and a 52-week high of $106.83. The stock has a market cap of $38.75 billion, a P/E ratio of 24.18 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. During the same period in the prior year, the firm earned $0.88 EPS. The business's revenue for the quarter was down 2.5% on a year-over-year basis. As a group, equities analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Stockholders of record on Friday, May 16th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.71%. This is an increase from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio (DPR) is currently 44.09%.

Analysts Set New Price Targets

OTIS has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday. Barclays dropped their price target on Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research report on Friday, April 25th. Royal Bank of Canada decreased their price objective on Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. Finally, Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $100.71.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $105.30, for a total value of $701,298.00. Following the transaction, the insider now owns 63,931 shares in the company, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is currently owned by insiders.

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.