Otis Worldwide (NYSE:OTIS) Issues FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Vertical Research downgraded shares of Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an equal weight rating for the company in a research note on Thursday. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating for the company. JPMorgan Chase & Co. increased their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a neutral rating in a research note on Thursday. Finally, Barclays increased their price objective 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. Six 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 stock has an average rating of Hold and an average price target of $96.86.

Otis Worldwide Trading Down 0.9 %

Shares of OTIS opened at $92.18 on Friday. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35. The firm’s 50 day moving average is $96.44 and its 200-day moving average is $89.35. The stock has a market capitalization of $37.26 billion, a PE ratio of 26.64 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. Equities research analysts predict that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 17th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.69%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio (DPR) is 39.31%.

Insider Activity at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 transaction, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The sale was disclosed in a legal 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 business’s 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 sale, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by 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.