Otis Worldwide (NYSE:OTIS) Updates FY24 Earnings Guidance

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

Several equities research analysts recently issued reports on the company. UBS Group upped their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research report on Friday, February 16th. Royal Bank of Canada reissued an outperform rating and set a $100.00 target price on shares of Otis Worldwide in a report on Monday, February 5th. Melius initiated coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a hold rating for the company. Wells Fargo & Company cut their target price on shares of Otis Worldwide from $102.00 to $98.00 and set an equal weight rating on the stock in a report on Thursday. Finally, Vertical Research cut Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $95.50.

Otis Worldwide Trading Down 0.1 %

OTIS stock traded down $0.14 during mid-day trading on Thursday, hitting $93.23. The stock had a trading volume of 588,413 shares, compared to its average volume of 2,012,192. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $100.35. The company has a fifty day moving average of $96.41 and a 200 day moving average of $89.24. The stock has a market capitalization of $37.68 billion, a price-to-earnings ratio of 27.54 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. The company 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 30.75% and a net margin of 9.90%. As a group, sell-side analysts expect 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. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Thursday, May 16th. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Insiders Place Their Bets

In related news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction 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 transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 192,319 shares in the company, valued at approximately $17,660,653.77. 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.