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

Otis Worldwide (NYSE:OTIS) issued its quarterly earnings data on Wednesday. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.03, Briefing.com reports. Otis Worldwide had a net margin of 9.99% and a negative return on equity of 31.02%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period last year, the business posted $0.92 earnings per share. The firm’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 Trading Up 1.7 %

Shares of OTIS traded up $1.59 during midday trading on Thursday, reaching $93.02. The stock had a trading volume of 4,281,245 shares, compared to its average volume of 2,101,373. The firm has a 50 day simple moving average of $97.26 and a 200-day simple moving average of $94.98. Otis Worldwide has a one year low of $73.32 and a one year high of $100.84. The firm has a market cap of $37.61 billion, a PE ratio of 26.88 and a beta of 1.03.

Otis Worldwide Announces Dividend

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

Insider Activity

In other news, EVP Peiming Zheng sold 30,364 shares of Otis Worldwide stock in a transaction dated 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 of the company’s stock, valued at approximately $1,458,753.30. The sale 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 equities research analysts recently commented on OTIS shares. Wells Fargo & Company dropped 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 report on Thursday. Barclays raised their target price on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, April 25th. Argus raised 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, Melius began coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They issued a “hold” rating for the company. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target 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.