Fundsmith LLP Sells 174,451 Shares of Otis Worldwide Co. (NYSE:OTIS)

Fundsmith LLP lowered its holdings in shares of Otis Worldwide Co. (NYSE:OTIS - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 5,966,777 shares of the company's stock after selling 174,451 shares during the period. Otis Worldwide comprises about 2.4% of Fundsmith LLP's investment portfolio, making the stock its 16th biggest position. Fundsmith LLP owned 1.50% of Otis Worldwide worth $552,583,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in OTIS. Transce3nd LLC bought a new stake in Otis Worldwide in the 4th quarter worth $25,000. Aster Capital Management DIFC Ltd bought a new stake in Otis Worldwide in the 4th quarter worth $28,000. Fortitude Family Office LLC grew its holdings in Otis Worldwide by 485.5% in the 4th quarter. Fortitude Family Office LLC now owns 322 shares of the company's stock worth $30,000 after acquiring an additional 267 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter worth $33,000. Finally, Flagship Wealth Advisors LLC bought a new stake in Otis Worldwide in the 4th quarter worth $34,000. Institutional investors own 88.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on OTIS shares. Wells Fargo & Company cut their price target on shares of Otis Worldwide from $105.00 to $95.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. JPMorgan Chase & Co. cut their price target on shares of Otis Worldwide from $105.00 to $88.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Barclays dropped their target price on shares of Otis Worldwide from $92.00 to $90.00 and set an "underweight" rating for the company in a research report on Friday, April 25th. Finally, Royal Bank of Canada dropped their target price 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. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $100.00.

Otis Worldwide Stock Down 0.3%

Shares of NYSE:OTIS traded down $0.26 on Friday, hitting $97.06. The company had a trading volume of 2,082,294 shares, compared to its average volume of 2,274,452. The firm's 50-day simple moving average is $98.52 and its two-hundred day simple moving average is $97.69. Otis Worldwide Co. has a 1 year low of $89.70 and a 1 year high of $106.83. The firm has a market capitalization of $38.31 billion, a price-to-earnings ratio of 23.91 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.91 by $0.01. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. The company had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.41 billion. During the same period last year, the company posted $0.88 EPS. Otis Worldwide's revenue was down 2.5% on a year-over-year basis. Equities research analysts anticipate that Otis Worldwide Co. will post 4.04 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Investors of record on Friday, May 16th will be given a dividend of $0.42 per share. This is a boost from Otis Worldwide's previous quarterly dividend of $0.39. This represents a $1.68 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Friday, May 16th. Otis Worldwide's dividend payout ratio (DPR) is 44.09%.

Otis Worldwide announced that its board has authorized a share repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Nora E. Lafreniere sold 1,700 shares of the firm's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $95.91, for a total transaction of $163,047.00. Following the completion of the sale, the executive vice president now directly owns 24,927 shares in the company, valued at approximately $2,390,748.57. This trade represents a 6.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 owns 63,931 shares of the company's stock, valued at approximately $6,731,934.30. This represents a 9.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,800 shares of company stock valued at $3,588,044 in the last three months. Company insiders own 0.23% of the company's stock.

Otis Worldwide 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.