Otis Worldwide (NYSE:OTIS – Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 3.850-3.900 for the period, compared to the consensus earnings per share estimate of 3.870. The company issued revenue guidance of $14.3 billion-$14.5 billion, compared to the consensus revenue estimate of $14.6 billion. Otis Worldwide also updated its FY24 guidance to $3.85-3.90 EPS.
Otis Worldwide Stock Down 0.8 %
Shares of NYSE OTIS traded down $0.70 during mid-day trading on Friday, reaching $92.33. 802,382 shares of the company were exchanged, compared to its average volume of 2,092,290. The firm has a 50-day moving average of $97.26 and a 200 day moving average of $94.98. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.84. The stock has a market cap of $37.33 billion, a price-to-earnings ratio of 26.88 and a beta of 1.03.
Otis Worldwide (NYSE:OTIS – Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The firm’s revenue was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $0.92 earnings per share. On average, equities analysts forecast that Otis Worldwide will post 3.88 earnings per share for the current year.
Otis Worldwide Announces Dividend
Analysts Set New Price Targets
Several analysts have commented on the company. JPMorgan Chase & Co. raised their target price on Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research report on Thursday, April 25th. Melius started coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They issued a hold rating on the stock. Barclays raised their target price on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Argus raised their target price on Otis Worldwide from $102.00 to $108.00 and gave the company a buy rating in a research report on Monday, May 13th. Finally, Wells Fargo & Company decreased their target price on Otis Worldwide from $100.00 to $95.00 and set an equal weight rating on the stock in a research report on Thursday. Six investment 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.com, Otis Worldwide presently has a consensus rating of Hold and an average target price of $98.83.
Read Our Latest Research Report on OTIS
Insider Transactions at Otis Worldwide
In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction that occurred on Tuesday, May 7th. The stock was 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 directly owns 15,570 shares in the company, valued at $1,458,753.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.23% of the company’s stock.
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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