Otis Worldwide (NYSE:OTIS) Issues FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $3.83-$3.90 for the period, compared to the consensus EPS 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

OTIS stock opened at $92.18 on Friday. The firm has a market capitalization of $37.26 billion, a P/E ratio of 26.64 and a beta of 1.01. The business’s 50-day moving average is $96.44 and its two-hundred day moving average is $89.35. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) 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 analyst estimates of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. On average, analysts expect that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Barclays raised their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research report on Tuesday, April 2nd. UBS Group raised their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, February 16th. Argus raised Otis Worldwide from a hold rating to a buy rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Wells Fargo & Company cut their price target on Otis Worldwide from $102.00 to $98.00 and set an equal weight rating on the stock in a research report on Thursday. Finally, Vertical Research lowered Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $96.86.

Insider Activity at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide 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 sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction on Wednesday, February 7th. The stock was 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 directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company’s stock.

About Otis Worldwide

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.