Otis Worldwide Co. (NYSE:OTIS) to Post Q3 2022 Earnings of $0.85 Per Share, William Blair Forecasts

Otis Worldwide Co. (NYSE:OTISGet Rating) – Analysts at William Blair decreased their Q3 2022 earnings per share estimates for Otis Worldwide in a research report issued on Tuesday, April 26th. William Blair analyst N. Heymann now expects that the company will post earnings of $0.85 per share for the quarter, down from their previous forecast of $0.93. William Blair also issued estimates for Otis Worldwide’s FY2022 earnings at $3.25 EPS.

Otis Worldwide (NYSE:OTISGet Rating) last posted its earnings results on Monday, April 25th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.74 by $0.03. Otis Worldwide had a net margin of 8.71% and a negative return on equity of 39.58%. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter in the prior year, the firm earned $0.72 EPS. Otis Worldwide’s quarterly revenue was up .2% on a year-over-year basis.

A number of other analysts have also weighed in on the stock. Credit Suisse Group reduced their price target on shares of Otis Worldwide from $88.00 to $81.00 and set a “neutral” rating for the company in a research note on Tuesday. Barclays reduced their price target on shares of Otis Worldwide from $88.00 to $80.00 and set an “equal weight” rating for the company in a research note on Tuesday. Cowen cut their target price on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Cowen cut their target price on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $82.31.

NYSE OTIS opened at $73.57 on Thursday. Otis Worldwide has a 52 week low of $71.07 and a 52 week high of $92.84. The stock has a market cap of $31.10 billion, a price-to-earnings ratio of 25.46 and a beta of 0.94. The company has a 50-day moving average price of $76.02 and a two-hundred day moving average price of $80.92.

The company also recently declared a quarterly dividend, which will be paid on Friday, June 10th. Investors of record on Friday, May 20th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Thursday, May 19th. This is an increase from Otis Worldwide’s previous quarterly dividend of $0.24. Otis Worldwide’s dividend payout ratio is 33.22%.

Large investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its stake in Otis Worldwide by 4.1% in the 3rd quarter. Victory Capital Management Inc. now owns 368,004 shares of the company’s stock valued at $30,279,000 after buying an additional 14,378 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Otis Worldwide by 1.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,449 shares of the company’s stock worth $2,752,000 after purchasing an additional 572 shares during the last quarter. Raymond James & Associates increased its stake in shares of Otis Worldwide by 0.7% during the 3rd quarter. Raymond James & Associates now owns 268,458 shares of the company’s stock worth $22,089,000 after purchasing an additional 1,783 shares during the last quarter. Dupont Capital Management Corp increased its stake in shares of Otis Worldwide by 83.9% during the 3rd quarter. Dupont Capital Management Corp now owns 13,930 shares of the company’s stock worth $1,146,000 after purchasing an additional 6,355 shares during the last quarter. Finally, Brookstone Capital Management increased its stake in shares of Otis Worldwide by 21.0% during the 3rd quarter. Brookstone Capital Management now owns 3,173 shares of the company’s stock worth $258,000 after purchasing an additional 551 shares during the last quarter. Institutional investors and hedge funds own 81.27% of the company’s stock.

About Otis Worldwide (Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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.

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