Otis Worldwide (NYSE:OTIS) Issues Earnings Results

Otis Worldwide (NYSE:OTIS) posted its quarterly earnings data on Wednesday. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01, reports. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations 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 Stock Down 0.4 %

NYSE OTIS opened at $93.02 on Friday. 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 $37.60 billion, a P/E ratio of 26.88 and a beta of 1.01. The company has a 50-day moving average price of $96.42 and a 200-day moving average price of $89.27.

Otis Worldwide Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be paid a dividend of $0.39 per share. The ex-dividend date is Thursday, May 16th. This represents a $1.56 annualized dividend and a yield of 1.68%. This is a boost from Otis Worldwide’s previous quarterly dividend of $0.34. Otis Worldwide’s dividend payout ratio is currently 39.31%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Vertical Research cut Otis Worldwide from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Melius started coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating for the company. UBS Group lifted their price target on Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, February 16th. Wells Fargo & Company reduced their price objective on Otis Worldwide from $102.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Argus upgraded Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a research report on Thursday, February 22nd. Six 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, Otis Worldwide presently has a consensus rating of “Hold” and an average price target of $96.86.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on 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 completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the transaction, the chief executive officer now 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 currently owned by corporate insiders.

Institutional Trading of Otis Worldwide

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cetera Trust Company N.A purchased a new position in Otis Worldwide during the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC acquired a new position in Otis Worldwide during the fourth quarter worth approximately $28,000. Orion Capital Management LLC acquired a new position in Otis Worldwide during the third quarter worth approximately $30,000. NBC Securities Inc. acquired a new position in Otis Worldwide during the third quarter worth approximately $33,000. Finally, CNB Bank grew its stake in shares of Otis Worldwide by 81.0% in the 3rd quarter. CNB Bank now owns 429 shares of the company’s stock valued at $34,000 after purchasing an additional 192 shares during the last quarter. 88.03% of the stock is owned by institutional investors and hedge funds.

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.