FY2024 EPS Estimate for Otis Worldwide Decreased by Analyst

Otis Worldwide Co. (NYSE:OTIS) – Research analysts at Zacks Research decreased their FY2024 earnings per share estimates for shares of Otis Worldwide in a report issued on Wednesday, November 20th. Zacks Research analyst S. Mukherjee now forecasts that the company will post earnings per share of $3.85 for the year, down from their previous forecast of $3.88. The consensus estimate for Otis Worldwide’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for Otis Worldwide’s Q4 2024 earnings at $0.95 EPS, Q1 2025 earnings at $1.00 EPS, Q2 2025 earnings at $1.07 EPS, Q4 2025 earnings at $1.14 EPS, FY2025 earnings at $4.27 EPS and FY2026 earnings at $4.65 EPS.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The company had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the firm posted $0.95 EPS. The business’s revenue was up .7% on a year-over-year basis.

Several other research firms also recently weighed in on OTIS. Wolfe Research downgraded Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, October 8th. Morgan Stanley began coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an “equal weight” rating and a $97.00 target price for the company. Barclays dropped their price target on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada reissued an “outperform” rating and set a $110.00 target price on shares of Otis Worldwide in a report on Thursday, September 19th. Finally, Wells Fargo & Company cut their price target on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Otis Worldwide has an average rating of “Hold” and an average price target of $104.57.

Otis Worldwide Trading Up 1.3 %

Shares of NYSE OTIS opened at $101.20 on Friday. The stock has a fifty day simple moving average of $101.19 and a two-hundred day simple moving average of $97.59. Otis Worldwide has a 1-year low of $83.99 and a 1-year high of $106.33. The firm has a market cap of $40.43 billion, a price-to-earnings ratio of 25.24 and a beta of 1.04.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Friday, November 15th. Otis Worldwide’s dividend payout ratio is presently 38.90%.

Insider Activity at Otis Worldwide

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $101.02, for a total value of $909,180.00. Following the sale, the executive vice president now owns 9,992 shares of the company’s stock, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.23% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

Several hedge funds and other institutional investors have recently modified their holdings of the company. Riverview Trust Co purchased a new position in Otis Worldwide during the 3rd quarter valued at about $25,000. Meeder Asset Management Inc. increased its stake in shares of Otis Worldwide by 264.9% during the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock valued at $26,000 after buying an additional 196 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Otis Worldwide during the third quarter valued at approximately $28,000. Ashton Thomas Securities LLC bought a new position in shares of Otis Worldwide during the third quarter valued at approximately $29,000. Finally, Cranbrook Wealth Management LLC boosted its holdings in Otis Worldwide by 675.7% in the second quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock valued at $28,000 after acquiring an additional 250 shares in the last quarter. 88.03% of the stock is owned by institutional investors.

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.