Otis Worldwide (NYSE:OTIS) Issues Earnings Results, Beats Estimates By $0.02 EPS

Otis Worldwide (NYSE:OTISGet Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.02, MarketWatch Earnings reports. 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 during the quarter, compared to analysts’ expectations of $3.57 billion. During the same period last year, the company posted $0.75 EPS. Otis Worldwide updated its FY 2024 guidance to 3.800-3.900 EPS and its FY24 guidance to $3.80-3.90 EPS.

Otis Worldwide Price Performance

Shares of OTIS opened at $90.97 on Friday. Otis Worldwide has a 1-year low of $73.32 and a 1-year high of $92.13. The company has a 50-day moving average of $87.97 and a 200 day moving average of $84.76. The firm has a market capitalization of $37.23 billion, a price-to-earnings ratio of 26.83 and a beta of 1.00.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OTIS shares. Wells Fargo & Company dropped their price objective on shares of Otis Worldwide from $97.00 to $95.00 and set an “equal weight” rating for the company in a research note on Thursday. Vertical Research cut shares of Otis Worldwide from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Six analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $89.33.

View Our Latest Report on Otis Worldwide

Institutional Investors Weigh In On Otis Worldwide

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its holdings in shares of Otis Worldwide by 8.6% in the 1st quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock valued at $601,000 after purchasing an additional 620 shares in the last quarter. Cibc World Market Inc. raised its holdings in shares of Otis Worldwide by 3.0% in the 1st quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock valued at $898,000 after purchasing an additional 338 shares in the last quarter. Moors & Cabot Inc. raised its holdings in shares of Otis Worldwide by 7.7% in the 1st quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock valued at $506,000 after purchasing an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of Otis Worldwide by 25.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock valued at $272,000 after purchasing an additional 715 shares in the last quarter. Finally, Brighton Jones LLC raised its holdings in shares of Otis Worldwide by 5.0% in the 1st quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock valued at $298,000 after purchasing an additional 183 shares in the last quarter. Institutional investors own 85.48% of the company’s stock.

About Otis Worldwide

(Get Free Report)

Otis Worldwide Corporation engages in the 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.

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Earnings History for Otis Worldwide (NYSE:OTIS)

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