Otis Worldwide (NYSE:OTIS – Get Free Report) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.85-3.90 for the period, compared to the consensus estimate of $3.85. The company issued revenue guidance of $14.3-14.5 billion, compared to the consensus revenue estimate of $14.63 billion. Otis Worldwide also updated its FY 2024 guidance to 3.850-3.900 EPS.
Wall Street Analysts Forecast Growth
Several brokerages have commented on OTIS. JPMorgan Chase & Co. raised their price target on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a neutral rating in a research note on Thursday, April 25th. Melius assumed coverage on Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating on the stock. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an equal weight rating on the stock in a research note on Thursday. Argus increased their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a buy rating in a research report on Monday, May 13th. Finally, Barclays upped their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an equal weight rating in a research note on Tuesday, April 2nd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Otis Worldwide presently has a consensus rating of Hold and a consensus price target of $98.83.
View Our Latest Research Report on Otis Worldwide
Otis Worldwide Stock Up 0.5 %
Otis Worldwide (NYSE:OTIS – Get Free Report) last released its earnings results on Wednesday, July 24th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a net margin of 10.35% and a negative return on equity of 31.65%. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. As a group, equities analysts anticipate that Otis Worldwide will post 3.88 EPS for the current year.
Otis Worldwide Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.67%. Otis Worldwide’s dividend payout ratio is presently 45.09%.
Insider Transactions at Otis Worldwide
In other news, EVP Peiming Zheng sold 30,364 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $93.69, for a total transaction of $2,844,803.16. Following the completion of the sale, the executive vice president now directly owns 15,570 shares of the company’s stock, valued at $1,458,753.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.23% of the stock is owned by 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.
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