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.

Analysts Set New Price Targets

OTIS has been the topic of several research analyst reports. Royal Bank of Canada reiterated an outperform rating and issued a $100.00 price objective on shares of Otis Worldwide in a research note on Monday, February 5th. Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research note on Tuesday, April 2nd. Melius initiated coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They issued a hold rating on the stock. UBS Group upped their price objective on 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 raised shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 target price on the stock in a report on Thursday, February 22nd. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $95.00.

Otis Worldwide Stock Performance

OTIS stock traded down $3.71 during midday trading on Wednesday, reaching $93.76. 2,732,981 shares of the company’s stock traded hands, compared to its average volume of 2,009,980. The company has a 50-day moving average price of $96.36 and a two-hundred day moving average price of $89.21. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.35. The firm has a market capitalization of $37.90 billion, a PE ratio of 28.75 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.02. The firm had revenue of $3.62 billion for the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter in the prior year, the firm posted $0.75 earnings per share. As a group, analysts predict that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Otis Worldwide Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.45%. Otis Worldwide’s payout ratio is currently 40.12%.

Insider Buying and Selling

In other Otis Worldwide 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 transaction of $1,675,602.30. Following the completion of the sale, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the 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 completion of the transaction, the insider now directly owns 67,274 shares of the company’s stock, valued at $6,128,661.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, 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 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.