Otis Worldwide Co. to Post Q4 2022 Earnings of $0.80 Per Share, William Blair Forecasts (NYSE:OTIS)

Otis Worldwide Co. (NYSE:OTISGet Rating) – Research analysts at William Blair cut their Q4 2022 earnings estimates for shares of Otis Worldwide in a note issued to investors on Wednesday, July 27th. William Blair analyst N. Heymann now expects that the company will earn $0.80 per share for the quarter, down from their prior estimate of $0.86. The consensus estimate for Otis Worldwide’s current full-year earnings is $3.20 per share.

Several other research firms have also recently issued reports on OTIS. Berenberg Bank lowered their target price on shares of Otis Worldwide from $88.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. JPMorgan Chase & Co. cut shares of Otis Worldwide from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $100.00 to $62.00 in a research report on Thursday, July 7th. Barclays lowered their price objective on shares of Otis Worldwide from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Friday, July 8th. Cowen lowered their price objective on shares of Otis Worldwide from $91.00 to $85.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 26th. Finally, Wells Fargo & Company raised their price objective on shares of Otis Worldwide from $67.00 to $70.00 and gave the company an “underweight” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $77.40.

Otis Worldwide Price Performance

NYSE OTIS opened at $78.17 on Monday. Otis Worldwide has a 1 year low of $66.97 and a 1 year high of $92.84. The stock has a market capitalization of $33.05 billion, a PE ratio of 26.86 and a beta of 0.85. The company’s 50 day simple moving average is $72.10 and its two-hundred day simple moving average is $75.47.

Otis Worldwide (NYSE:OTISGet Rating) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.78 by $0.08. The company had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.56 billion. Otis Worldwide had a net margin of 8.73% and a negative return on equity of 35.81%. Otis Worldwide’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same period last year, the firm earned $0.79 EPS.

Hedge Funds Weigh In On Otis Worldwide

A number of large investors have recently added to or reduced their stakes in the business. Intelligent Financial Strategies bought a new stake in Otis Worldwide in the 4th quarter worth $28,000. Curi Wealth Management LLC bought a new stake in Otis Worldwide in the 4th quarter worth $27,000. Elmwood Wealth Management Inc. bought a new stake in Otis Worldwide in the 4th quarter worth $28,000. NuWave Investment Management LLC bought a new stake in Otis Worldwide in the 1st quarter worth $26,000. Finally, HHM Wealth Advisors LLC grew its holdings in Otis Worldwide by 103.0% in the 4th quarter. HHM Wealth Advisors LLC now owns 339 shares of the company’s stock worth $30,000 after acquiring an additional 172 shares during the last quarter. Hedge funds and other institutional investors own 83.32% of the company’s stock.

Otis Worldwide Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 10th. Investors of record on Friday, August 19th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date of this dividend is Thursday, August 18th. Otis Worldwide’s payout ratio is presently 39.86%.

Otis Worldwide Company Profile

(Get Rating)

Otis Worldwide Corporation manufactures, installs, and services 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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