Otis Worldwide (NYSE:OTIS) Releases FY 2024 Earnings Guidance

Otis Worldwide (NYSE:OTIS) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Otis Worldwide Stock Down 0.4 %

NYSE:OTIS opened at $93.02 on Friday. The stock’s fifty day moving average is $96.42 and its two-hundred day moving average is $89.27. Otis Worldwide has a 52 week low of $73.32 and a 52 week high of $100.35. The stock has a market capitalization of $37.60 billion, a price-to-earnings ratio of 26.88 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS) last released its quarterly earnings results on Wednesday, April 24th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $3.44 billion for 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%. On average, sell-side analysts expect that Otis Worldwide will post 3.87 EPS for the current fiscal year.

Otis Worldwide Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OTIS. Vertical Research cut Otis Worldwide from a buy rating to a hold rating in a research note on Tuesday, January 2nd. Royal Bank of Canada reaffirmed an outperform rating and set a $100.00 price objective on shares of Otis Worldwide in a report on Monday, February 5th. Wells Fargo & Company dropped their price objective on Otis Worldwide from $102.00 to $98.00 and set an equal weight rating on the stock in a report on Thursday. Argus raised Otis Worldwide from a hold rating to a buy rating and set a $102.00 price objective on the stock in a report on Thursday, February 22nd. Finally, Barclays raised their price target on Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a report on Tuesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $96.86.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction that occurred on 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 transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction on 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 owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Judith Fran Marks sold 37,312 shares of Otis Worldwide stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the sale, the chief executive officer now directly owns 192,319 shares of the company’s stock, valued at approximately $17,660,653.77. The disclosure for this sale can be found here. 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.