Otis Worldwide (NYSE:OTIS) Announces Earnings Results

Otis Worldwide (NYSE:OTIS) announced its quarterly earnings results on Wednesday. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03, Briefing.com reports. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.92 earnings per share. Otis Worldwide updated its FY 2024 guidance to 3.850-3.900 EPS and its FY24 guidance to $3.85-3.90 EPS.

Otis Worldwide Stock Up 0.5 %

NYSE:OTIS traded up $0.45 during midday trading on Friday, hitting $93.48. The stock had a trading volume of 2,466,089 shares, compared to its average volume of 2,440,455. Otis Worldwide has a one year low of $73.32 and a one year high of $100.84. The stock has a 50-day moving average of $97.19 and a 200 day moving average of $95.02. The company has a market capitalization of $37.80 billion, a price-to-earnings ratio of 27.02 and a beta of 1.03.

Otis Worldwide Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Friday, August 16th. Otis Worldwide’s dividend payout ratio (DPR) is presently 45.09%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Barclays lifted their target price 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 began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Argus boosted their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. JPMorgan Chase & Co. raised their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Finally, Wells Fargo & Company decreased their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $98.83.

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the transaction, the executive vice president now directly owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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.