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

Otis Worldwide (NYSE:OTIS) updated its FY 2024 earnings guidance on Wednesday. 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.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on OTIS. Barclays boosted 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. Royal Bank of Canada reissued an outperform rating and issued a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Argus raised Otis Worldwide from a hold rating to a buy rating and set a $102.00 target price on the stock in a research report on Thursday, February 22nd. UBS Group upped their target price on Otis Worldwide from $87.00 to $95.00 and gave the stock a neutral rating in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. increased their price target on Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research 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 data from MarketBeat.com, Otis Worldwide currently has a consensus rating of Hold and an average target price of $96.86.

Otis Worldwide Price Performance

OTIS opened at $92.18 on Friday. The stock’s 50 day simple moving average is $96.44 and its 200 day simple moving average is $89.35. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35. The firm has a market cap of $37.26 billion, a price-to-earnings ratio of 26.64 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 earnings per share for the quarter, beating 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 company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.44 billion. As a group, sell-side analysts anticipate that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.39 per share. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.34. This represents a $1.56 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date is Thursday, May 16th. Otis Worldwide’s dividend payout ratio is presently 39.31%.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, CEO Judith Fran Marks sold 37,312 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Montlivault Stephane De sold 18,393 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the sale, the insider now owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.

About Otis Worldwide

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.