Otis Worldwide (NYSE:OTIS) Updates FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.83-$3.90 for the period, compared to the consensus earnings per share estimate of $3.88. The company issued revenue guidance of $14.5-$14.8 billion, compared to the consensus revenue estimate of $14.70 billion. Otis Worldwide also updated its FY 2024 guidance to 3.830-3.900 EPS.

Otis Worldwide Price Performance

Shares of OTIS opened at $97.47 on Wednesday. The firm has a market capitalization of $39.40 billion, a PE ratio of 28.75 and a beta of 1.01. The company’s 50-day moving average is $96.36 and its 200-day moving average is $89.21. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.02. The company had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same period in the prior year, the firm earned $0.75 earnings per share. Analysts predict that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.40%. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Argus upgraded shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price target on the stock in a research note on Thursday, February 22nd. Royal Bank of Canada restated an outperform rating and issued a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a hold rating on the stock. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $97.00 to $95.00 and set an equal weight rating on the stock in a research note on Thursday, February 1st. Finally, UBS Group upped their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research note on Friday, February 16th. Five analysts have rated the stock with a hold rating and two have given 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 $95.00.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. 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 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.

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.