Otis Worldwide (OTIS) Scheduled to Post Quarterly Earnings on Wednesday

Otis Worldwide (NYSE:OTIS) is scheduled to be announcing its earnings results before the market opens on Wednesday, April 24th. Analysts expect the company to announce earnings of $0.87 per share for the quarter. Otis Worldwide has set its FY 2024 guidance at 3.800-3.900 EPS and its FY24 guidance at $3.80-3.90 EPS.Investors interested in registering for the company’s conference call can do so using this link.

Otis Worldwide (NYSE:OTIS) last announced its earnings results on Wednesday, January 31st. The company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.02. The company had revenue of $3.62 billion during the quarter, compared to analysts’ expectations of $3.57 billion. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. During the same quarter in the previous year, the business posted $0.75 earnings per share. On average, analysts expect Otis Worldwide to post $4 EPS for the current fiscal year and $4 EPS for the next fiscal year.

Otis Worldwide Stock Performance

Shares of Otis Worldwide stock opened at $95.11 on Monday. The firm has a 50-day moving average of $96.11 and a 200-day moving average of $88.97. The stock has a market cap of $38.44 billion, a PE ratio of 28.06 and a beta of 1.01. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.35.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 16th were given a $0.34 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.43%. Otis Worldwide’s payout ratio is presently 40.12%.

Insider Buying and Selling

In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Judith Fran Marks sold 37,312 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total value of $3,426,360.96. Following the completion of the transaction, the chief executive officer now owns 192,319 shares of the company’s stock, valued at $17,660,653.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Montlivault Stephane De sold 18,393 shares of the 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 directly owns 67,274 shares of the company’s stock, valued at approximately $6,128,661.40. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Otis Worldwide by 14.8% in the fourth quarter. Vanguard Group Inc. now owns 45,773,358 shares of the company’s stock valued at $4,095,342,000 after buying an additional 5,913,933 shares during the period. Morgan Stanley increased its stake in shares of Otis Worldwide by 5.4% in the fourth quarter. Morgan Stanley now owns 13,210,697 shares of the company’s stock valued at $1,034,530,000 after buying an additional 681,992 shares during the period. Alliancebernstein L.P. increased its stake in shares of Otis Worldwide by 32.5% in the second quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock valued at $1,089,453,000 after buying an additional 2,999,494 shares during the period. Norges Bank acquired a new position in shares of Otis Worldwide in the fourth quarter valued at approximately $370,013,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Otis Worldwide by 4.6% in the first quarter. JPMorgan Chase & Co. now owns 4,512,495 shares of the company’s stock valued at $380,855,000 after buying an additional 200,482 shares during the period. Institutional investors own 88.03% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on OTIS shares. UBS Group boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday, February 16th. Wells Fargo & Company reduced their target price on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, February 1st. Argus raised shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Thursday, February 22nd. Melius assumed coverage on shares of Otis Worldwide in a research report on Tuesday, April 2nd. They set a “hold” rating for the company. Finally, Barclays upped their price objective on shares of Otis Worldwide from $85.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 2nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Otis Worldwide presently has an average rating of “Hold” and a consensus target price of $95.00.

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.