Otis Worldwide (NYSE:OTIS) Updates FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.83-$3.90 for the period, compared to the consensus earnings per share estimate of $3.88. The company issued revenue guidance of $14.5-$14.8 billion, compared to the consensus revenue estimate of $14.70 billion. Otis Worldwide also updated its FY 2024 guidance to 3.830-3.900 EPS.

Otis Worldwide Price Performance

Shares of OTIS traded down $4.10 during mid-day trading on Wednesday, hitting $93.37. The company’s stock had a trading volume of 4,222,638 shares, compared to its average volume of 2,030,680. The firm has a 50-day moving average price of $96.36 and a 200 day moving average price of $89.21. The stock has a market capitalization of $37.74 billion, a price-to-earnings ratio of 28.75 and a beta of 1.01. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.35.

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

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date was Thursday, February 15th. Otis Worldwide’s dividend payout ratio (DPR) is presently 40.12%.

Analyst Ratings Changes

OTIS has been the subject of a number of analyst reports. Barclays boosted their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. UBS Group boosted their price target on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a report on Friday, February 16th. Vertical Research lowered shares of Otis Worldwide from a buy rating to a hold rating in a report on Tuesday, January 2nd. Melius started coverage on shares of Otis Worldwide in a report on Tuesday, April 2nd. They issued a hold rating on the stock. 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 investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $95.00.

Insider Buying and Selling

In related news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Montlivault Stephane De sold 18,393 shares of the 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 sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value 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 $17,660,653.77. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

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.