Otis Worldwide FY2024 EPS Estimate Reduced by Zacks Research

Otis Worldwide Co. (NYSE:OTIS - Free Report) - Research analysts at Zacks Research cut their FY2024 EPS estimates for shares of Otis Worldwide in a note issued to investors on Wednesday, November 20th. Zacks Research analyst S. Mukherjee now anticipates that the company will post earnings of $3.85 per share for the year, down from their prior 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.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price target on shares of Otis Worldwide from $108.00 to $105.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Wolfe Research lowered shares of Otis Worldwide from an "outperform" rating to a "peer perform" rating in a research note on Tuesday, October 8th. Barclays reduced their price objective 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. Morgan Stanley assumed coverage on shares of Otis Worldwide in a research note on Friday, September 6th. They issued an "equal weight" rating and a $97.00 price objective on the stock. Finally, UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $113.00 price objective on the stock. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $104.57.

Otis Worldwide Price Performance

OTIS stock traded up $1.15 during trading on Friday, reaching $101.10. 979,755 shares of the company were exchanged, compared to its average volume of 2,107,985. Otis Worldwide has a twelve month low of $83.99 and a twelve month high of $106.33. The company has a 50-day moving average of $101.05 and a two-hundred day moving average of $97.51. The company has a market capitalization of $40.39 billion, a price-to-earnings ratio of 24.97 and a beta of 1.04.

Otis Worldwide (NYSE:OTIS - Get Free Report) last issued its earnings results 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 during the quarter, compared to analyst estimates of $3.59 billion. Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. Otis Worldwide's quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 earnings per share.

Otis Worldwide Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 1.54%. Otis Worldwide's dividend payout ratio (DPR) is presently 38.90%.

Insider Buying and Selling

In other news, EVP Abbe Luersman sold 9,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at approximately $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.23% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Otis Worldwide

Several hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new position in shares of Otis Worldwide in the third quarter worth $25,000. Meeder Asset Management Inc. boosted its holdings in Otis Worldwide by 264.9% in the second quarter. Meeder Asset Management Inc. now owns 270 shares of the company's stock valued at $26,000 after acquiring an additional 196 shares in the last quarter. Jamison Private Wealth Management Inc. boosted its holdings in Otis Worldwide by 5,720.0% in the second quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company's stock valued at $28,000 after acquiring an additional 286 shares in the last quarter. 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. Finally, Northwest Investment Counselors LLC bought a new stake in Otis Worldwide in the third quarter valued at $28,000. 88.03% of the stock is currently owned by institutional investors.

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.