Otis Worldwide (NYSE:OTIS) Updates FY 2024 Earnings Guidance

Otis Worldwide (NYSE:OTIS) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 3.830-3.900 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OTIS. Vertical Research lowered shares of Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Wells Fargo & Company decreased their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an equal weight rating on the stock in a report on Thursday, February 1st. UBS Group upped their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a report on Friday, February 16th. 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 research note on Thursday, February 22nd. Finally, Barclays upped their price target 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. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Otis Worldwide currently has an average rating of Hold and an average target price of $95.00.

Otis Worldwide Stock Up 1.2 %

Shares of Otis Worldwide stock opened at $97.47 on Wednesday. The company has a market capitalization of $39.40 billion, a price-to-earnings ratio of 28.75 and a beta of 1.01. 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 price is $96.36 and its two-hundred day moving average price is $89.21.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The firm had revenue of $3.62 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the company posted $0.75 earnings per share. On average, sell-side analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.40%. Otis Worldwide’s dividend payout ratio (DPR) is currently 40.12%.

Insider Transactions at Otis Worldwide

In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated 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 owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’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 owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now 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. Company 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.