Otis Worldwide (NYSE:OTIS) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Otis Worldwide (NYSE:OTIS) posted its earnings results on Wednesday. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.03 by $0.03, Briefing.com reports. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the company earned $0.92 earnings per share. Otis Worldwide updated its FY 2024 guidance to 3.850-3.900 EPS and its FY24 guidance to $3.85-3.90 EPS.

Otis Worldwide Stock Performance

Otis Worldwide stock traded up $1.59 during mid-day trading on Thursday, reaching $93.02. The stock had a trading volume of 4,281,245 shares, compared to its average volume of 2,101,373. The firm has a market capitalization of $37.61 billion, a PE ratio of 27.13 and a beta of 1.03. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The stock’s 50-day simple moving average is $97.33 and its 200-day simple moving average is $94.99.

Otis Worldwide Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research reports. Wells Fargo & Company dropped their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday. Argus increased their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. increased their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Finally, Barclays raised their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and a consensus price target of $98.83.

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.