Otis Worldwide beat earnings but missed revenue targets, as major investors cut holdings.

Maryland's pension system and Deutsche Bank both reduced their holdings of Otis Worldwide, an elevator and escalator company, in the first quarter. Otis beat earnings estimates, reporting $1.05 per share, but missed revenue expectations with $3.60 billion. The stock has a "Hold" rating and a target price of $102.50. Otis also announced a quarterly dividend of $0.42 per share.