Otis Worldwide (NYSE:OTIS – Get Free Report) released its quarterly earnings data on Wednesday. The company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01, reports. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.44 billion. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. 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 Trading Down 0.9 %
Shares of OTIS stock traded down $0.82 on Friday, hitting $92.20. 2,314,121 shares of the stock were exchanged, compared to its average volume of 1,745,609. The firm has a market capitalization of $37.27 billion, a P/E ratio of 26.64 and a beta of 1.01. The business has a 50-day moving average of $96.44 and a 200 day moving average of $89.35. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.
Otis Worldwide Increases Dividend
The company 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 is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is currently 39.31%.
Insider Transactions at Otis Worldwide
Institutional Trading of Otis Worldwide
Institutional investors and hedge funds have recently bought and sold shares of the business. Cetera Trust Company N.A bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Otis Worldwide in the fourth quarter valued at approximately $28,000. Orion Capital Management LLC bought a new stake in Otis Worldwide in the third quarter valued at approximately $30,000. LifeSteps Financial Inc. bought a new position in shares of Otis Worldwide during the first quarter worth approximately $31,000. Finally, NBC Securities Inc. bought a new position in shares of Otis Worldwide during the third quarter worth approximately $33,000. Institutional investors own 88.03% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts recently commented on OTIS shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price objective for the company in a report on Thursday, February 22nd. JPMorgan Chase & Co. upped their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday. Vertical Research downgraded Otis Worldwide from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Melius began coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating for the company. Six 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, Otis Worldwide presently has an average rating of “Hold” and an average target price 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.
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