Otis Worldwide (OTIS) Projected to Post Earnings on Wednesday

Otis Worldwide (NYSE:OTIS) is expected to post its quarterly earnings results before the market opens on Wednesday, January 29th. Analysts expect Otis Worldwide to post earnings of $0.95 per share and revenue of $3,680,150.00 billion for the quarter. Otis Worldwide has set its FY 2024 guidance at 3.850-3.850 EPS and its FY24 guidance at ~$3.85 EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, October 30th. The company reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The business had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year. On average, analysts expect Otis Worldwide to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Otis Worldwide Stock Performance

Otis Worldwide stock opened at $97.74 on Tuesday. The stock has a market capitalization of $39.04 billion, a P/E ratio of 24.37 and a beta of 1.06. The company’s fifty day moving average price is $96.30 and its 200 day moving average price is $97.24. Otis Worldwide has a 1 year low of $87.57 and a 1 year high of $106.33.

Otis Worldwide announced that its Board of Directors has initiated a share buyback program on Thursday, January 16th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were given a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.60%. Otis Worldwide’s dividend payout ratio (DPR) is 38.90%.

Insider Buying and Selling at Otis Worldwide

In related news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now owns 9,992 shares of the company’s stock, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on OTIS shares. Barclays decreased their price objective on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating on the stock in a report on Wednesday, January 8th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 target price on the stock. in a research note on Thursday, December 12th. Wells Fargo & Company cut their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $103.88.

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.