Otis Worldwide (NYSE:OTIS) Updates FY 2024 Earnings Guidance

Otis Worldwide (NYSE:OTIS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.830-3.900 for the period, compared to the consensus EPS estimate of 3.870. The company issued revenue guidance of $14.5 billion-$14.8 billion, compared to the consensus revenue estimate of $14.7 billion. Otis Worldwide also updated its FY24 guidance to $3.83-$3.90 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on OTIS shares. Vertical Research lowered Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Argus upgraded Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective on the stock in a research note on Thursday, February 22nd. Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. UBS Group lifted their price objective on Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research note on Friday, February 16th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $97.00 to $95.00 and set an equal weight rating on the stock in a research report on Thursday, February 1st. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has an average rating of Hold and an average target price of $95.00.

Otis Worldwide Trading Down 4.2 %

NYSE OTIS opened at $93.37 on Thursday. The stock’s 50 day moving average is $96.41 and its two-hundred day moving average is $89.24. The company has a market capitalization of $37.74 billion, a price-to-earnings ratio of 27.54 and a beta of 1.01. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. On average, analysts predict that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Transactions at Otis Worldwide

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

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.