Otis Worldwide (NYSE:OTIS) Issues Quarterly Earnings Results

Otis Worldwide (NYSE:OTIS) released its earnings results on Wednesday. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01, reports. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. Otis Worldwide updated its FY 2024 guidance to 3.830-3.900 EPS and its FY24 guidance to $3.83-$3.90 EPS.

Otis Worldwide Price Performance

OTIS stock opened at $93.02 on Friday. The stock has a market capitalization of $37.60 billion, a PE ratio of 26.88 and a beta of 1.01. The company’s 50-day moving average is $96.42 and its 200-day moving average is $89.27. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Thursday, May 16th. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is 39.31%.

Insider Transactions at Otis Worldwide

In other 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 transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s 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 completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after buying an additional 5,913,933 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Otis Worldwide by 47.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,540,422 shares of the company’s stock worth $605,571,000 after buying an additional 2,442,203 shares in the last quarter. Norges Bank bought a new position in shares of Otis Worldwide during the 4th quarter worth approximately $628,855,000. Northern Trust Corp increased its stake in shares of Otis Worldwide by 3.0% during the 3rd quarter. Northern Trust Corp now owns 4,661,849 shares of the company’s stock worth $374,393,000 after purchasing an additional 135,048 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its stake in shares of Otis Worldwide by 1.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,448,272 shares of the company’s stock worth $276,931,000 after purchasing an additional 59,211 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OTIS. Barclays upped their target price on Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Wells Fargo & Company dropped their price target on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating for the company in a research note on Thursday. JPMorgan Chase & Co. increased their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Finally, Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They set a “hold” rating for the company. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $96.86.

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.