Otis Worldwide (NYSE:OTIS) Updates FY24 Earnings Guidance

Otis Worldwide (NYSE:OTIS - Get Free Report) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $3.83-$3.90 for the period, compared to the consensus EPS estimate of $3.88. The company issued revenue guidance of $14.5-$14.8 billion, compared to the consensus revenue estimate of $14.70 billion. Otis Worldwide also updated its FY 2024 guidance to 3.830-3.900 EPS.

Otis Worldwide Price Performance

OTIS stock traded down $4.10 on Wednesday, reaching $93.37. 4,222,638 shares of the company traded hands, compared to its average volume of 2,030,680. The firm has a fifty day simple moving average of $96.41 and a 200-day simple moving average of $89.24. Otis Worldwide has a one year low of $73.32 and a one year high of $100.35. The company has a market cap of $37.74 billion, a P/E ratio of 27.54 and a beta of 1.01.

Otis Worldwide (NYSE:OTIS - Get Free Report) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.02. Otis Worldwide had a negative return on equity of 30.75% and a net margin of 9.90%. The firm had revenue of $3.62 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the firm earned $0.75 EPS. On average, sell-side analysts forecast that Otis Worldwide will post 3.87 EPS for the current year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Thursday, February 15th. Otis Worldwide's payout ratio is currently 40.12%.

Wall Street Analyst Weigh In

Several research firms have issued reports on OTIS. Melius began coverage on shares of Otis Worldwide in a research note on Tuesday, April 2nd. They set a hold rating on the stock. Wells Fargo & Company lowered their price target on Otis Worldwide from $97.00 to $95.00 and set an equal weight rating on the stock in a report on Thursday, February 1st. 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. Barclays upped their price objective on Otis Worldwide from $85.00 to $90.00 and gave the company an equal weight rating in a research report on Tuesday, April 2nd. Finally, Vertical Research cut Otis Worldwide from a buy rating to a hold rating in a research report on Tuesday, January 2nd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Otis Worldwide presently has a consensus rating of Hold and a consensus target price of $95.00.

Insiders Place Their Bets

In other Otis Worldwide news, insider Montlivault Stephane De sold 18,393 shares of the company's stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $91.10, for a total value of $1,675,602.30. Following the completion of the transaction, the insider now directly owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Montlivault Stephane De sold 18,393 shares of the firm's stock in a transaction dated Wednesday, February 21st. The stock was 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 in the company, valued at $6,128,661.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Judith Fran Marks sold 37,312 shares of the business's stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the sale, the chief executive officer now owns 192,319 shares in the company, valued at $17,660,653.77. The disclosure for this sale can be found here. Company insiders own 0.23% of the company's stock.

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.