Allspring Global Investments Holdings LLC Sells 3,836 Shares of Otis Worldwide Co. (NYSE:OTIS)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 16.4% during the third quarter, HoldingsChannel.com reports. The firm owned 19,519 shares of the company’s stock after selling 3,836 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Otis Worldwide were worth $2,029,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in Otis Worldwide by 19.6% in the 1st quarter. Nordea Investment Management AB now owns 463,190 shares of the company’s stock worth $46,138,000 after acquiring an additional 75,878 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in Otis Worldwide by 173.7% during the 1st quarter. First Eagle Investment Management LLC now owns 20,048 shares of the company’s stock valued at $1,990,000 after acquiring an additional 12,722 shares during the period. Appian Way Asset Management LP purchased a new stake in Otis Worldwide during the 2nd quarter valued at about $991,000. Cetera Investment Advisers boosted its holdings in Otis Worldwide by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 46,371 shares of the company’s stock valued at $4,603,000 after acquiring an additional 33,457 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Otis Worldwide by 0.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,009,178 shares of the company’s stock valued at $100,181,000 after acquiring an additional 9,145 shares during the period. 88.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $110.00 price objective on shares of Otis Worldwide in a research report on Thursday, September 19th. Morgan Stanley initiated coverage on Otis Worldwide in a research report on Friday, September 6th. They set an “equal weight” rating and a $97.00 price objective for the company. Barclays lifted their target price on Otis Worldwide from $90.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company lifted their target price on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Otis Worldwide has an average rating of “Hold” and an average price target of $102.71.

Otis Worldwide Stock Performance

NYSE OTIS opened at $101.37 on Wednesday. The company has a market capitalization of $40.60 billion, a PE ratio of 29.30 and a beta of 1.03. The business’s fifty day moving average is $98.83 and its 200 day moving average is $96.85. Otis Worldwide Co. has a fifty-two week low of $75.78 and a fifty-two week high of $106.33.

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.