Otis Worldwide (NYSE:OTIS) Issues Earnings Results, Beats Expectations By $0.01 EPS

Otis Worldwide (NYSE:OTIS) posted its quarterly earnings data on Wednesday. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01, reports. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. Otis Worldwide updated its FY 2024 guidance to 3.830-3.900 EPS and its FY24 guidance to $3.83-$3.90 EPS.

Otis Worldwide Price Performance

Otis Worldwide stock traded down $0.82 during midday trading on Friday, hitting $92.20. 2,314,121 shares of the company were exchanged, compared to its average volume of 1,745,609. The company’s fifty day moving average price is $96.44 and its 200-day moving average price is $89.35. The company has a market cap of $37.27 billion, a PE ratio of 26.64 and a beta of 1.01. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

Otis Worldwide Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OTIS. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a research report on Thursday, February 22nd. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Otis Worldwide in a research report on Monday, February 5th. UBS Group lifted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. lifted their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday. Six investment 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, the company currently has an average rating of “Hold” and a consensus price target of $96.86.

Insider Buying and Selling

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 stock was sold at an average price of $91.10, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Otis Worldwide news, 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 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 filing with the SEC, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer now directly owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Otis Worldwide

Institutional investors have recently made changes to their positions in the business. Cetera Trust Company N.A bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Otis Worldwide in the 4th quarter valued at approximately $28,000. Orion Capital Management LLC bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $30,000. LifeSteps Financial Inc. bought a new stake in shares of Otis Worldwide in the 1st quarter valued at approximately $31,000. Finally, NBC Securities Inc. bought a new stake in shares of Otis Worldwide in the 3rd quarter valued at approximately $33,000. 88.03% of the stock is owned by institutional investors and hedge funds.

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.