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.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Vertical Research lowered Otis Worldwide from a buy rating to a hold rating in a report on Tuesday, January 2nd. Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating for the company. JPMorgan Chase & Co. lifted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research note on Thursday. Wells Fargo & Company dropped their price objective on Otis Worldwide from $102.00 to $98.00 and set an equal weight rating for the company in a research note on Thursday. Finally, Barclays lifted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research note on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Otis Worldwide currently has a consensus rating of Hold and a consensus price target of $96.86.

Otis Worldwide Stock Down 0.3 %

Shares of OTIS traded down $0.30 during trading hours on Friday, hitting $92.72. The company had a trading volume of 792,143 shares, compared to its average volume of 2,017,255. The firm has a market cap of $37.48 billion, a P/E ratio of 26.88 and a beta of 1.01. The stock’s 50 day moving average price is $96.42 and its 200 day moving average price is $89.27. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm 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 31.02% and a net margin of 9.99%. On average, research analysts expect that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s payout ratio is currently 39.31%.

Insider Transactions at Otis Worldwide

In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 sale, the insider now 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 is accessible through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction dated 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 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. Also, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 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.

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.