Otis Worldwide (OTIS) Set to Announce Quarterly Earnings on Wednesday

Otis Worldwide (NYSE:OTIS) will announce its earnings results before the market opens on Wednesday, July 24th. Analysts expect the company to announce earnings of $1.03 per share for the quarter. Otis Worldwide has set its FY 2024 guidance at 3.830-3.900 EPS and its FY24 guidance at $3.83-$3.90 EPS.Investors that are interested in participating in the company’s conference call can do so using this link.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, April 24th. The company reported $0.88 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 for the quarter, compared to the consensus estimate of $3.44 billion. 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 Price Performance

OTIS stock opened at $99.47 on Tuesday. The company has a 50 day moving average price of $97.42 and a 200 day moving average price of $94.94. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.84. The stock has a market capitalization of $40.22 billion, a PE ratio of 28.75 and a beta of 1.03.

Insider Buying and Selling at Otis Worldwide

In other news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

OTIS has been the subject of several research analyst reports. Argus boosted their price objective on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. boosted 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, April 25th. Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Melius started coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Wells Fargo & Company upped their target price on shares of Otis Worldwide from $98.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $99.67.

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.