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 Stock Up 1.2 %

Shares of OTIS opened at $97.47 on Wednesday. The firm has a market cap of $39.40 billion, a PE ratio of 28.75 and a beta of 1.01. The company’s fifty day moving average is $96.36 and its two-hundred 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 announced its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter last year, the business earned $0.75 EPS. As a group, equities research analysts anticipate that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued a dividend of $0.34 per share. 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 payout ratio is 40.12%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating on the stock. Barclays lifted their price target on shares of 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 boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, February 16th. Wells Fargo & Company dropped their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an equal weight rating for the company in a research report on Thursday, February 1st. Finally, Royal Bank of Canada reissued an outperform rating and issued a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide currently has an average rating of Hold and an average price target of $95.00.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the company’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 transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently 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.