Otis Worldwide (NYSE:OTIS) Announces Quarterly Earnings Results

Otis Worldwide (NYSE:OTIS) issued its quarterly earnings results on Wednesday. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03, Briefing.com reports. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. During the same quarter in the prior year, the business earned $0.92 EPS. Otis Worldwide’s revenue was down 3.2% on a year-over-year basis. Otis Worldwide updated its FY 2024 guidance to 3.850-3.900 EPS and its FY24 guidance to $3.85-3.90 EPS.

Otis Worldwide Stock Up 0.2 %

NYSE OTIS traded up $0.22 during mid-day trading on Friday, hitting $93.25. The stock had a trading volume of 1,797,468 shares, compared to its average volume of 2,098,674. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.84. The company has a market cap of $37.70 billion, a price-to-earnings ratio of 26.96 and a beta of 1.03. The company has a 50 day simple moving average of $97.26 and a 200 day simple moving average of $94.98.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. Otis Worldwide’s dividend payout ratio is currently 45.09%.

Insider Activity at Otis Worldwide

In related news, EVP Peiming Zheng sold 30,364 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total value of $2,844,803.16. Following the completion of the transaction, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at approximately $1,458,753.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.23% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Melius assumed coverage on Otis Worldwide in a report on Tuesday, April 2nd. They issued a “hold” rating on the stock. Wells Fargo & Company dropped their price objective on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday. Argus increased their price objective on Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a report on Monday, May 13th. Barclays increased their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. raised their price target on Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, April 25th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $98.83.

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.