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

Otis Worldwide (NYSE:OTIS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 3.830-3.900 for the period, compared to the consensus EPS 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 %

Shares of NYSE:OTIS opened at $93.02 on Friday. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 26.88 and a beta of 1.01. Otis Worldwide has a 12-month low of $73.32 and a 12-month high of $100.35. The business’s 50 day moving average is $96.42 and its 200 day moving average is $89.27.

Otis Worldwide (NYSE:OTIS) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.44 billion. As a group, equities research analysts expect that Otis Worldwide will post 3.87 earnings per share for the current year.

Otis Worldwide Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 17th will be given a $0.39 dividend. The ex-dividend date of this dividend 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 payout ratio is currently 39.31%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OTIS. Barclays boosted their price objective on Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research report on Tuesday, April 2nd. Argus raised 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. Melius initiated coverage on Otis Worldwide in a research report on Tuesday, April 2nd. They set a hold rating on the stock. Royal Bank of Canada reaffirmed an outperform rating and set a $100.00 price target on shares of Otis Worldwide in a research report on Monday, February 5th. Finally, JPMorgan Chase & Co. boosted their price objective on Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of Hold and an average target price of $96.86.

Insiders Place Their Bets

In other news, insider Montlivault Stephane De sold 18,393 shares of Otis Worldwide stock in a transaction dated 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 owns 67,274 shares in the company, valued at approximately $6,128,661.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 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 directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of 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. 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.