Otis Worldwide (NYSE:OTIS) Releases Earnings Results, Beats Expectations By $0.03 EPS

Otis Worldwide (NYSE:OTIS) posted its earnings results on Wednesday. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03, Briefing.com reports. Otis Worldwide had a negative return on equity of 31.02% and a net margin of 9.99%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.74 billion. During the same period last year, the firm earned $0.92 EPS. The company’s quarterly 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 Performance

Shares of NYSE:OTIS traded up $1.59 during trading on Thursday, hitting $93.02. The company’s stock had a trading volume of 4,281,245 shares, compared to its average volume of 2,101,373. The business has a 50 day moving average price of $97.33 and a two-hundred day moving average price of $94.99. The company has a market capitalization of $37.61 billion, a PE ratio of 27.13 and a beta of 1.03. Otis Worldwide has a fifty-two week low of $73.32 and a fifty-two week high of $100.84.

Otis Worldwide Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 1.68%. Otis Worldwide’s dividend payout ratio (DPR) is 45.09%.

Insiders Place Their Bets

In other Otis Worldwide news, EVP Peiming Zheng sold 30,364 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were 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 owns 15,570 shares in the company, valued at $1,458,753.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in 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. Barclays raised 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. Wells Fargo & Company decreased their price target 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 raised their price target on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They issued a “hold” rating on the stock. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Otis Worldwide has a consensus rating of “Hold” and a consensus target price of $98.83.

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.