Otis Worldwide (NYSE:OTIS – Get Free Report) issued its earnings results on Wednesday. The company reported $0.96 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.01), Briefing.com reports. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the business posted $0.95 EPS. The business’s revenue was up .7% on a year-over-year basis. Otis Worldwide updated its FY 2024 guidance to 3.850-3.850 EPS and its FY24 guidance to ~$3.85 EPS.
Otis Worldwide Price Performance
Shares of OTIS traded down $0.08 during mid-day trading on Thursday, hitting $98.20. The company’s stock had a trading volume of 2,398,095 shares, compared to its average volume of 2,107,329. Otis Worldwide has a fifty-two week low of $76.22 and a fifty-two week high of $106.33. The stock has a market capitalization of $39.33 billion, a price-to-earnings ratio of 28.67 and a beta of 1.03. The firm has a 50-day moving average price of $98.92 and a 200 day moving average price of $96.86.
Analysts Set New Price Targets
A number of brokerages have commented on OTIS. Wolfe Research cut Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Wells Fargo & Company lifted their price target on Otis Worldwide from $95.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Barclays dropped their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a report on Thursday. Royal Bank of Canada reissued an “outperform” rating and issued a $110.00 price target on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Morgan Stanley started coverage on Otis Worldwide in a research report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price on the stock. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $102.43.
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.
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