Otis Worldwide (NYSE:OTIS) Releases FY24 Earnings Guidance

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

Analysts Set New Price Targets

OTIS has been the topic of several research reports. Vertical Research downgraded shares of Otis Worldwide from a buy rating to a hold rating in a report on Tuesday, January 2nd. Barclays boosted their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an equal weight rating for the company in a research report on Thursday, February 1st. Royal Bank of Canada reissued an outperform rating and issued a $100.00 target price on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, Argus raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Otis Worldwide currently has a consensus rating of Hold and a consensus price target of $95.00.

Otis Worldwide Price Performance

OTIS traded down $4.10 on Wednesday, hitting $93.37. 4,222,638 shares of the stock were exchanged, compared to its average volume of 2,030,680. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35. The business has a 50-day moving average of $96.36 and a two-hundred day moving average of $89.21. The firm has a market capitalization of $37.74 billion, a price-to-earnings ratio of 28.75 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the business posted $0.75 earnings per share. Equities research analysts expect that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid 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 1.46%. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Activity

In other news, 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 value of $1,675,602.30. Following the sale, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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. 0.23% of the stock is currently owned by corporate 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.