Otis Worldwide Co. (NYSE:OTIS) Shares Sold by Fundsmith LLP

Fundsmith LLP trimmed its stake in shares of Otis Worldwide Co. (NYSE:OTIS) by 2.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,966,777 shares of the company’s stock after selling 174,451 shares during the period. Otis Worldwide accounts for 2.4% of Fundsmith LLP’s holdings, making the stock its 16th biggest position. Fundsmith LLP owned about 1.50% of Otis Worldwide worth $552,583,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ethic Inc. increased its holdings in Otis Worldwide by 3.7% in the fourth quarter. Ethic Inc. now owns 73,861 shares of the company’s stock valued at $6,840,000 after buying an additional 2,622 shares during the last quarter. Ewing Morris & Co. Investment Partners Ltd. purchased a new position in shares of Otis Worldwide in the 4th quarter valued at about $754,000. Fiduciary Trust Co raised its position in shares of Otis Worldwide by 1.8% during the 4th quarter. Fiduciary Trust Co now owns 40,267 shares of the company’s stock worth $3,729,000 after acquiring an additional 719 shares in the last quarter. FORA Capital LLC lifted its stake in Otis Worldwide by 178.1% during the fourth quarter. FORA Capital LLC now owns 48,563 shares of the company’s stock worth $4,497,000 after purchasing an additional 31,099 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in Otis Worldwide by 13.9% during the fourth quarter. Deutsche Bank AG now owns 1,695,446 shares of the company’s stock worth $157,015,000 after purchasing an additional 206,444 shares during the last quarter. 88.03% of the stock is owned by hedge funds and other institutional investors.

Otis Worldwide Trading Up 0.0 %

Otis Worldwide stock opened at $97.33 on Friday. The stock has a market capitalization of $38.41 billion, a price-to-earnings ratio of 23.97 and a beta of 1.01. The stock has a 50 day moving average of $98.58 and a two-hundred day moving average of $97.80. Otis Worldwide Co. has a twelve month low of $89.70 and a twelve month high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.88 earnings per share. Equities analysts predict that Otis Worldwide Co. will post 4.04 earnings per share for the current year.

Otis Worldwide announced that its Board of Directors has authorized a share repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 16th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide’s payout ratio is presently 44.09%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of the firm’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now directly owns 63,931 shares of the company’s stock, valued at $6,731,934.30. This trade represents a 9.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 28,440 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $95.77, for a total transaction of $2,723,698.80. Following the sale, the chief executive officer now owns 230,153 shares in the company, valued at approximately $22,041,752.81. This trade represents a 11.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,800 shares of company stock valued at $3,588,044. Insiders own 0.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OTIS. Royal Bank of Canada reduced their price objective on shares of Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Wells Fargo & Company reduced their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Barclays dropped their price objective on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. reduced their target price on Otis Worldwide from $105.00 to $88.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.00.

Otis Worldwide Company Profile

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.