Fundsmith Long Short Master Fund Purchases New Holdings in Otis Worldwide Co. (NYSE:OTIS)

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Fundsmith Long Short Master Fund purchased a new stake in shares of Otis Worldwide Co. (NYSE:OTIS) during the 4th quarter, Holdings Channel.com reports. The fund purchased 73,214 shares of the company’s stock, valued at approximately $4,946,000. Otis Worldwide accounts for about 4.0% of Fundsmith Long Short Master Fund’s portfolio, making the stock its 11th biggest holding.

A number of other large investors have also recently modified their holdings of OTIS. Arrowstreet Capital Limited Partnership grew its stake in Otis Worldwide by 209.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,613,757 shares of the company’s stock worth $100,731,000 after acquiring an additional 1,092,621 shares in the last quarter. Laurion Capital Management LP grew its stake in Otis Worldwide by 607.0% in the 4th quarter. Laurion Capital Management LP now owns 974,022 shares of the company’s stock worth $65,796,000 after acquiring an additional 836,254 shares in the last quarter. Federated Hermes Inc. grew its stake in Otis Worldwide by 750.4% in the 3rd quarter. Federated Hermes Inc. now owns 884,975 shares of the company’s stock worth $55,240,000 after acquiring an additional 780,906 shares in the last quarter. Fiera Capital Corp grew its stake in Otis Worldwide by 7.0% in the 4th quarter. Fiera Capital Corp now owns 10,730,362 shares of the company’s stock worth $724,835,000 after acquiring an additional 706,092 shares in the last quarter. Finally, Lansdowne Partners UK LLP grew its stake in Otis Worldwide by 74.4% in the 3rd quarter. Lansdowne Partners UK LLP now owns 1,407,004 shares of the company’s stock worth $87,826,000 after acquiring an additional 600,407 shares in the last quarter. Institutional investors own 83.76% of the company’s stock.

A number of equities analysts have commented on OTIS shares. Berenberg Bank started coverage on shares of Otis Worldwide in a research note on Tuesday. They issued a “buy” rating and a $85.00 target price on the stock. Zacks Investment Research cut shares of Otis Worldwide from a “hold” rating to a “sell” rating in a research report on Wednesday, February 3rd. Cowen upped their price target on shares of Otis Worldwide from $75.00 to $77.00 in a research report on Wednesday, March 3rd. Finally, Credit Suisse Group upped their price target on shares of Otis Worldwide from $68.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Otis Worldwide has an average rating of “Hold” and a consensus target price of $67.56.

NYSE:OTIS traded down $0.37 during midday trading on Thursday, reaching $68.21. 28,480 shares of the stock traded hands, compared to its average volume of 2,755,070. Otis Worldwide Co. has a 12-month low of $38.00 and a 12-month high of $68.65. The business has a 50-day moving average of $64.42 and a two-hundred day moving average of $65.28.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Sunday, January 31st. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.07. The company had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.39 billion. As a group, analysts expect that Otis Worldwide Co. will post 2.45 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 10th. Shareholders of record on Friday, February 12th were issued a $0.20 dividend. The ex-dividend date was Thursday, February 11th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.17%.

Otis Worldwide Company Profile

Otis Worldwide Corporation manufactures, installs, and services elevators and escalators in the United States, China, and internationally. The company operates through 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.

Further Reading: Bull Market

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