Otis Worldwide (NYSE:OTIS) Issues FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on OTIS shares. JPMorgan Chase & Co. raised their price objective on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a neutral rating in a research report on Thursday. Vertical Research cut shares of Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Barclays lifted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research note on Tuesday, April 2nd. UBS Group lifted their price objective on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research note on Friday, February 16th. Finally, Argus upgraded shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price target for the company in a report on Thursday, February 22nd. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $96.86.

Otis Worldwide Stock Down 0.3 %

Otis Worldwide stock traded down $0.30 during mid-day trading on Friday, hitting $92.72. The company had a trading volume of 792,143 shares, compared to its average volume of 2,017,255. The stock has a market cap of $37.48 billion, a price-to-earnings ratio of 26.88 and a beta of 1.01. The business has a fifty day moving average of $96.42 and a 200 day moving average of $89.27. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Equities analysts anticipate that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

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

Insider Activity

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was 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 directly 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 accessible through the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the sale, the insider now directly 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 can be accessed through this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company 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.