Otis Worldwide (OTIS) Expected to Announce Quarterly Earnings on Wednesday

Otis Worldwide (NYSE:OTIS) is anticipated to announce its earnings results before the market opens on Wednesday, January 29th. Analysts expect the company to announce earnings of $0.95 per share and revenue of $3,680,150.00 billion for the quarter. Otis Worldwide has set its FY 2024 guidance at 3.850-3.850 EPS and its FY24 guidance at ~$3.85 EPS.Persons interested in listening to the company’s earnings conference call can do so using this link.

Otis Worldwide (NYSE:OTIS) last posted 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). The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.59 billion. Otis Worldwide had a negative return on equity of 31.28% and a net margin of 11.48%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.95 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 Trading Up 0.7 %

Otis Worldwide stock opened at $95.47 on Wednesday. Otis Worldwide has a 12-month low of $87.57 and a 12-month high of $106.33. The firm has a 50-day moving average price of $96.67 and a 200-day moving average price of $97.28. The firm has a market capitalization of $38.14 billion, a PE ratio of 23.81 and a beta of 1.06.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 15th were issued a $0.39 dividend. The ex-dividend date was Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 1.63%. Otis Worldwide’s payout ratio is 38.90%.

Otis Worldwide announced that its board has authorized a stock repurchase program on Thursday, January 16th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Otis Worldwide news, EVP Abbe Luersman sold 9,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the transaction, the executive vice president now owns 9,992 shares in the company, valued at approximately $1,009,391.84. This represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.23% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OTIS shares. Wells Fargo & Company dropped their price target on Otis Worldwide from $105.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 7th. UBS Group started coverage on shares of Otis Worldwide in a report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on shares of Otis Worldwide from $112.00 to $108.00 and set a “neutral” rating for the company in a report on Wednesday, January 15th. Wolfe Research downgraded shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price objective on the stock. in a research note on Thursday, December 12th. Finally, Barclays reduced their price objective on shares of Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and an average target price of $103.88.

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.