Otis Worldwide Corporation $OTIS Stake Lowered by Fundsmith Investment Services LTD.

Fundsmith Investment Services LTD. cut its stake in Otis Worldwide Corporation (NYSE:OTIS) by 2.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,644,103 shares of the company’s stock after selling 49,255 shares during the quarter. Otis Worldwide makes up 2.3% of Fundsmith Investment Services LTD.’s portfolio, making the stock its 18th biggest holding. Fundsmith Investment Services LTD.’s holdings in Otis Worldwide were worth $150,320,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Root Financial Partners LLC purchased a new position in Otis Worldwide in the third quarter valued at about $26,000. Nemes Rush Group LLC increased its position in Otis Worldwide by 75.4% in the 2nd quarter. Nemes Rush Group LLC now owns 314 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in shares of Otis Worldwide during the 3rd quarter worth about $31,000. Westside Investment Management Inc. raised its stake in shares of Otis Worldwide by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 336 shares of the company’s stock worth $31,000 after purchasing an additional 168 shares in the last quarter. Finally, Physician Wealth Advisors Inc. lifted its holdings in shares of Otis Worldwide by 57.7% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $83.17 on Friday. The company has a market cap of $32.33 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 2.49 and a beta of 1.00. The stock has a 50-day moving average of $89.57 and a 200-day moving average of $89.26. Otis Worldwide Corporation has a 52-week low of $82.47 and a 52-week high of $105.95.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 28th. The company reported $1.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.03. Otis Worldwide had a negative return on equity of 30.42% and a net margin of 9.59%.The business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the business earned $0.93 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. On average, research analysts predict that Otis Worldwide Corporation will post 4.04 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 13th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. Otis Worldwide’s dividend payout ratio (DPR) is currently 48.00%.

Insider Activity

In related news, CEO Judith Fran Marks sold 56,107 shares of the company’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $90.89, for a total transaction of $5,099,565.23. Following the completion of the sale, the chief executive officer directly owned 231,072 shares of the company’s stock, valued at approximately $21,002,134.08. This represents a 19.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michael Patrick Ryan sold 1,182 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $90.06, for a total transaction of $106,450.92. Following the completion of the transaction, the chief accounting officer owned 3,504 shares in the company, valued at $315,570.24. The trade was a 25.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 158,013 shares of company stock worth $14,337,635. 0.23% of the stock is owned by company insiders.

Analysts Set New Price Targets

OTIS has been the subject of several recent research reports. JPMorgan Chase & Co. cut Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, January 30th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $95.00 to $92.00 and set an “equal weight” rating for the company in a research note on Monday, December 15th. Wall Street Zen downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded shares of Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Tuesday, December 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Otis Worldwide in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $101.44.

Otis Worldwide Company Profile

Otis Worldwide Corporation is a manufacturer, installer and servicer of vertical transportation systems, including elevators, escalators and moving walkways. The company designs and supplies new equipment for commercial, residential and industrial buildings, and provides ongoing maintenance and repair services aimed at maximizing equipment availability and safety. Otis also offers modernization solutions to upgrade aging systems and improve performance, accessibility and energy efficiency.

In addition to new equipment sales, a significant portion of Otis’s business derives from long-term service contracts and responsive maintenance work.