Otis Worldwide (NYSE:OTIS) Issues 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.

Analysts Set New Price Targets

Several research analysts recently weighed in 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 report on Thursday, February 22nd. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research note on Tuesday, April 2nd. Wells Fargo & Company lowered 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 report on Thursday, February 1st. UBS Group boosted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research report on Friday, February 16th. Finally, Vertical Research lowered shares of Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $95.00.

Otis Worldwide Trading Down 4.2 %

Otis Worldwide stock opened at $93.37 on Thursday. The firm’s 50 day simple moving average is $96.41 and its 200 day simple moving average is $89.24. The firm has a market capitalization of $37.74 billion, a PE 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 posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. Research analysts forecast that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Insider Activity

In related news, CEO Judith Fran Marks sold 37,312 shares of the 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 transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on 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 transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. 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.