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

Otis Worldwide (NYSE:OTIS) is scheduled to issue its quarterly earnings data 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.Parties that are interested in registering for the company’s conference call can do so using this link.

Otis Worldwide (NYSE:OTIS) last released its earnings results on Wednesday, January 31st. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02. Otis Worldwide had a net margin of 9.90% and a negative return on equity of 30.75%. The business had revenue of $3.62 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the firm earned $0.75 EPS. 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 Price Performance

NYSE OTIS opened at $95.97 on Wednesday. The company’s 50 day simple moving average is $95.87 and its 200 day simple moving average is $88.64. Otis Worldwide has a 12 month low of $73.32 and a 12 month high of $100.35. The company has a market capitalization of $38.79 billion, a P/E ratio of 28.31 and a beta of 1.01.

Otis Worldwide Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 16th were issued 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 1.42%. Otis Worldwide’s payout ratio is currently 40.12%.

Analysts Set New Price Targets

A number of analysts recently commented on OTIS shares. UBS Group boosted their target price on shares of Otis Worldwide from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, February 16th. Barclays boosted their price target on shares of Otis Worldwide from $85.00 to $90.00 and gave the company an “equal weight” rating in a report on Tuesday, April 2nd. Argus upgraded shares of Otis Worldwide from a “hold” rating to a “buy” rating and set a $102.00 price target on the stock in a report on Thursday, February 22nd. Royal Bank of Canada restated an “outperform” rating and set a $100.00 price target on shares of Otis Worldwide in a report on Monday, February 5th. Finally, Wells Fargo & Company cut 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. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $94.29.

Insider Activity

In other news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total transaction of $1,675,602.30. Following the transaction, the insider now owns 67,274 shares in the company, valued at approximately $6,128,661.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Montlivault Stephane De sold 18,393 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $91.10, for a total value of $1,675,602.30. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Judith Fran Marks sold 37,312 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $91.83, for a total transaction of $3,426,360.96. Following the completion of the transaction, 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. 0.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OTIS. Vanguard Group Inc. grew its stake in Otis Worldwide by 14.8% in the 4th 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 last quarter. Norges Bank acquired a new stake in Otis Worldwide in the 4th quarter worth $370,013,000. Alliancebernstein L.P. grew its position in Otis Worldwide by 32.5% in the 2nd quarter. Alliancebernstein L.P. now owns 12,239,672 shares of the company’s stock worth $1,089,453,000 after purchasing an additional 2,999,494 shares during the last quarter. Wellington Management Group LLP grew its position in Otis Worldwide by 54.3% in the 1st quarter. Wellington Management Group LLP now owns 4,221,665 shares of the company’s stock worth $324,857,000 after purchasing an additional 1,484,963 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Otis Worldwide by 66.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,453,735 shares of the company’s stock worth $265,764,000 after purchasing an additional 1,384,353 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

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.