Otis Worldwide Corporation $OTIS Shares Sold by Fundsmith Investment Services LTD.

Fundsmith Investment Services LTD. decreased its holdings in Otis Worldwide Corporation (NYSE:OTIS) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,644,103 shares of the company’s stock after selling 49,255 shares during the quarter. Otis Worldwide accounts for about 2.3% of Fundsmith Investment Services LTD.’s investment portfolio, making the stock its 18th largest position. Fundsmith Investment Services LTD. owned approximately 0.42% of Otis Worldwide worth $150,320,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Root Financial Partners LLC acquired a new stake in shares of Otis Worldwide during the 3rd quarter valued at $26,000. Nemes Rush Group LLC grew its holdings in shares of 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 acquiring an additional 135 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Otis Worldwide during the third quarter worth $31,000. Oakworth Capital Inc. raised its position in shares of Otis Worldwide by 49.1% during the third quarter. Oakworth Capital Inc. now owns 343 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the period. Finally, Physician Wealth Advisors Inc. lifted its holdings in shares of Otis Worldwide by 57.7% during the third quarter. Physician Wealth Advisors Inc. now owns 339 shares of the company’s stock valued at $31,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wall Street Zen lowered Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. BNP Paribas Exane upgraded Otis Worldwide from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Tuesday, December 9th. New Street Research set a $98.00 price objective on shares of Otis Worldwide in a research note on Friday, January 30th. Wells Fargo & Company decreased 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 report on Monday, December 15th. Finally, JPMorgan Chase & Co. downgraded shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and set a $98.00 target price on the stock. in a research report on Friday, January 30th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $101.44.

Insiders Place Their Bets

In related news, CEO Judith Fran Marks sold 56,107 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $21,002,134.08. This trade represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michael Patrick Ryan sold 1,182 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 158,013 shares of company stock worth $14,337,635 over the last quarter. Company insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Up 0.6%

OTIS opened at $83.17 on Friday. The firm has a market capitalization of $32.33 billion, a P/E ratio of 23.76, a PEG ratio of 2.49 and a beta of 1.00. The stock has a fifty day moving average of $89.57 and a 200-day moving average of $89.26. Otis Worldwide Corporation has a 12-month low of $82.47 and a 12-month high of $105.95.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 13th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, February 13th. Otis Worldwide’s payout ratio is 48.00%.

Otis Worldwide 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.