Otis Worldwide (OTIS) Scheduled to Post Quarterly Earnings on Wednesday

Otis Worldwide (NYSE:OTIS) will release its earnings data before the market opens on Wednesday, April 24th. Analysts expect Otis Worldwide to post earnings of $0.87 per share for the quarter. Otis Worldwide has set its FY 2024 guidance at 3.800-3.900 EPS and its FY24 guidance at $3.80-3.90 EPS.Persons interested in registering for the company’s earnings conference call can do so using this link.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the firm posted $0.75 earnings per share. On average, analysts expect Otis Worldwide to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Otis Worldwide Trading Down 0.1 %

NYSE OTIS opened at $95.97 on Wednesday. The firm’s fifty day moving average price is $95.87 and its two-hundred day moving average price is $88.64. Otis Worldwide has a 1 year low of $73.32 and a 1 year high of $100.35. The firm has a market capitalization of $38.79 billion, a P/E ratio of 28.31 and a beta of 1.01.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 16th were issued a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 annualized dividend and a dividend yield of 1.42%. Otis Worldwide’s dividend payout ratio is currently 40.12%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Vertical Research downgraded shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price target on shares of Otis Worldwide in a research note on Monday, February 5th. Melius assumed coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Barclays upped their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 2nd. Finally, UBS Group upped their price target 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. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $94.29.

Insider Transactions at Otis Worldwide

In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 192,319 shares in the company, valued at approximately $17,660,653.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction that occurred 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 transaction, 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. Company insiders own 0.11% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OTIS. Vanguard Group Inc. raised its holdings in Otis Worldwide by 14.8% during the 4th quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock worth $4,095,342,000 after purchasing an additional 5,913,933 shares during the last quarter. Norges Bank bought a new position in Otis Worldwide during the 4th quarter worth approximately $370,013,000. Alliancebernstein L.P. raised its holdings in Otis Worldwide by 32.5% during the 2nd quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock worth $1,089,453,000 after purchasing an additional 2,999,494 shares during the last quarter. Wellington Management Group LLP raised its holdings in Otis Worldwide by 54.3% during the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Otis Worldwide by 66.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after purchasing an additional 1,384,353 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

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.