Otis Worldwide Co. (NYSE:OTIS – Free Report) – Analysts at Zacks Research lifted their FY2023 earnings estimates for shares of Otis Worldwide in a research note issued to investors on Wednesday, November 8th. Zacks Research analyst S. Mukherjee now forecasts that the company will post earnings per share of $3.52 for the year, up from their previous estimate of $3.48. The consensus estimate for Otis Worldwide’s current full-year earnings is $3.53 per share. Zacks Research also issued estimates for Otis Worldwide’s Q4 2023 earnings at $0.85 EPS, Q1 2024 earnings at $0.89 EPS, Q2 2024 earnings at $1.00 EPS, Q3 2024 earnings at $0.92 EPS, Q4 2024 earnings at $0.93 EPS, FY2024 earnings at $3.73 EPS, Q1 2025 earnings at $0.99 EPS, Q2 2025 earnings at $1.07 EPS, Q3 2025 earnings at $1.00 EPS and FY2025 earnings at $4.08 EPS.
Other analysts have also recently issued research reports about the stock. Wells Fargo & Company lowered their price objective on shares of Otis Worldwide from $92.00 to $82.00 in a research report on Monday, October 9th. Royal Bank of Canada upped their price objective on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Barclays reduced their price target on shares of Otis Worldwide from $80.00 to $76.00 in a research report on Thursday, September 7th. UBS Group started coverage on shares of Otis Worldwide in a report on Tuesday, October 3rd. They issued a “neutral” rating and a $87.00 price objective for the company. Finally, TheStreet raised shares of Otis Worldwide from a “c+” rating to a “b” rating in a research note on Wednesday, July 26th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and an average price target of $88.29.
Otis Worldwide Stock Performance
Shares of OTIS stock opened at $82.03 on Friday. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $91.33. The company has a market capitalization of $33.57 billion, a PE ratio of 24.78 and a beta of 0.99. The business’s fifty day moving average is $80.14 and its 200 day moving average is $84.07.
Otis Worldwide (NYSE:OTIS – Get Free Report) last announced its quarterly earnings results on Wednesday, October 25th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.07. Otis Worldwide had a negative return on equity of 30.00% and a net margin of 9.84%. The company had revenue of $3.52 billion during the quarter, compared to analysts’ expectations of $3.54 billion. During the same period in the previous year, the business earned $0.80 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year.
Otis Worldwide Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, December 8th. Investors of record on Friday, November 17th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, November 16th. This represents a $1.36 dividend on an annualized basis and a yield of 1.66%. Otis Worldwide’s dividend payout ratio is currently 41.09%.
Institutional Investors Weigh In On Otis Worldwide
Several institutional investors have recently added to or reduced their stakes in OTIS. Fiduciary Alliance LLC purchased a new stake in shares of Otis Worldwide during the second quarter worth about $25,000. Nemes Rush Group LLC bought a new stake in shares of Otis Worldwide in the 2nd quarter worth approximately $26,000. Core Alternative Capital lifted its stake in Otis Worldwide by 91.1% in the second quarter. Core Alternative Capital now owns 302 shares of the company’s stock worth $27,000 after acquiring an additional 144 shares during the period. Janiczek Wealth Management LLC boosted its holdings in Otis Worldwide by 141.1% in the third quarter. Janiczek Wealth Management LLC now owns 381 shares of the company’s stock valued at $31,000 after acquiring an additional 223 shares in the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC increased its position in Otis Worldwide by 95.5% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 389 shares of the company’s stock valued at $33,000 after purchasing an additional 190 shares during the period. Hedge funds and other institutional investors own 85.48% of the company’s stock.
Otis Worldwide Company Profile
Otis Worldwide Corporation engages in the 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.
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