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

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Otis Worldwide from $102.00 to $98.00 and set an equal weight rating for the company in a research note on Thursday. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a hold rating for the company. Argus upgraded shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 target price for the company in a research note on Thursday, February 22nd. UBS Group upped their target price 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, Barclays upped their target price 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. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $96.86.

Otis Worldwide Stock Performance

Shares of OTIS stock opened at $92.18 on Friday. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35. The stock has a market cap of $37.26 billion, a price-to-earnings ratio of 26.64 and a beta of 1.01. The firm has a fifty day moving average of $96.44 and a 200-day moving average of $89.35.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.44 billion. On average, sell-side analysts predict that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a $0.39 dividend. This is a positive change from Otis Worldwide’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is presently 39.31%.

Insider Transactions at Otis Worldwide

In other news, insider Montlivault Stephane De sold 18,393 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, 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 SEC, which can be accessed through the SEC website. In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated 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 sale, 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 can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the sale, 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. 0.23% of the stock is owned by insiders.

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.