Nuveen Asset Management LLC Sells 16,978 Shares of Otis Worldwide Co. (NYSE:OTIS)

Nuveen Asset Management LLC cut its stake in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. 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 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Transce3nd LLC acquired a new position in shares of Otis Worldwide during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Otis Worldwide in the fourth quarter worth $28,000. Centricity Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $33,000. Flagship Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Otis Worldwide in the fourth quarter worth $34,000. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OTIS shares. Royal Bank of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an "outperform" rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. boosted their price objective on shares of Otis Worldwide from $88.00 to $101.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating on the stock in a research note on Friday, April 25th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $100.71.

Otis Worldwide Stock Down 0.5%

OTIS traded down $0.44 during trading on Friday, reaching $96.74. 2,286,762 shares of the stock traded hands, compared to its average volume of 2,329,220. The stock has a market capitalization of $38.18 billion, a PE ratio of 23.83 and a beta of 1.01. The stock's 50-day moving average is $97.72 and its 200 day moving average is $97.56. Otis Worldwide Co. has a 12 month low of $89.70 and a 12 month high of $106.83.

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

Otis Worldwide Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given 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 yield of 1.74%. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. Otis Worldwide's dividend payout ratio is 44.09%.

Insider Buying and Selling at Otis Worldwide

In other news, insider Montlivault Stephane De sold 6,660 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the transaction, the insider now owns 63,931 shares of the company's stock, valued at $6,731,934.30. This represents a 9.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.23% of the company's stock.

Otis Worldwide 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.