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

Otis Worldwide (NYSE:OTIS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 3.830-3.900 for the period, compared to the consensus EPS 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. Otis Worldwide also updated its FY24 guidance to $3.83-$3.90 EPS.

Analysts Set New Price Targets

Several research firms have recently commented on OTIS. Argus raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective on the stock in a report on Thursday, February 22nd. Vertical Research downgraded shares of Otis Worldwide from a buy rating to a hold rating in a report on Tuesday, January 2nd. Royal Bank of Canada reissued an outperform rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Barclays increased their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Finally, 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. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $95.00.

Otis Worldwide Stock Performance

Shares of NYSE:OTIS traded down $3.71 during midday trading on Wednesday, hitting $93.76. The company’s stock had a trading volume of 2,732,981 shares, compared to its average volume of 2,009,980. The business’s 50 day simple moving average is $96.36 and its 200 day simple moving average is $89.21. The company has a market cap of $37.90 billion, a P/E 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.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings results 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. 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 last year, the firm posted $0.75 earnings per share. On average, sell-side analysts predict that Otis Worldwide will post 3.87 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business’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 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 $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by insiders.

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.