Otis Worldwide (NYSE:OTIS) Releases FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.83-$3.90 for the period, compared to the consensus 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 Stock Up 1.2 %

Otis Worldwide stock opened at $97.47 on Wednesday. The firm has a 50-day moving average price of $96.36 and a two-hundred day moving average price of $89.21. The firm has a market capitalization of $39.40 billion, a price-to-earnings ratio of 28.75 and a beta of 1.01. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $3.62 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.75 EPS. Research analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend was Thursday, February 15th. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating for the company. UBS Group increased their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a neutral rating in a research note on Friday, February 16th. Royal Bank of Canada restated an outperform rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Argus upgraded shares of Otis Worldwide from a hold rating to a buy rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. Finally, Barclays boosted their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a report on Tuesday, April 2nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $95.00.

Insider Buying and Selling

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction 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 completion of 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction on 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 sale, the insider now directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The sale was disclosed in a legal filing 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 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 completion of 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 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.