London Co. of Virginia reduced its holdings in Otis Worldwide Co. (NYSE:OTIS – Get Rating) by 1.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 2,290,486 shares of the company's stock after selling 29,687 shares during the period. London Co. of Virginia's holdings in Otis Worldwide were worth $161,869,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OTIS. LFA Lugano Financial Advisors SA acquired a new stake in shares of Otis Worldwide during the first quarter worth $27,000. Truvestments Capital LLC bought a new position in Otis Worldwide during the second quarter worth $26,000. Castle Wealth Management LLC bought a new position in Otis Worldwide during the second quarter worth $32,000. Atticus Wealth Management LLC boosted its stake in Otis Worldwide by 735.1% during the second quarter. Atticus Wealth Management LLC now owns 476 shares of the company's stock worth $34,000 after acquiring an additional 419 shares in the last quarter. Finally, BerganKDV Wealth Management LLC boosted its stake in Otis Worldwide by 69.5% during the second quarter. BerganKDV Wealth Management LLC now owns 556 shares of the company's stock worth $39,000 after acquiring an additional 228 shares in the last quarter. 83.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OTIS. Barclays lowered shares of Otis Worldwide from an "overweight" rating to an "equal weight" rating and set a $80.00 target price on the stock. in a research note on Thursday. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $70.00 to $65.00 and set an "underweight" rating on the stock in a research note on Thursday, October 27th. Argus lowered shares of Otis Worldwide from a "buy" rating to a "hold" rating in a research note on Monday, November 7th. Finally, Credit Suisse Group increased their target price on shares of Otis Worldwide from $73.00 to $76.00 and gave the stock a "neutral" rating in a research note on Thursday, October 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, Otis Worldwide currently has a consensus rating of "Hold" and an average target price of $77.00.

Otis Worldwide Trading Up 1.2 %

Otis Worldwide Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 10th. Shareholders of record on Friday, November 18th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date is Thursday, November 17th. Otis Worldwide's dividend payout ratio (DPR) is 39.86%.

About Otis Worldwide

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Otis Worldwide Corporation manufactures, installs, and services 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.

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