Q3 2023 EPS Estimates for Otis Worldwide Co. (NYSE:OTIS) Raised by Analyst

Posted by Defense World Staff on Aug 12th, 2023

Otis Worldwide Co. (NYSE:OTIS – Free Report) – Analysts at Zacks Research lifted their Q3 2023 earnings estimates for shares of Otis Worldwide in a note issued to investors on Wednesday, August 9th. Zacks Research analyst S. Mukherjee now anticipates that the company will post earnings per share of $0.88 for the quarter, up from their previous forecast of $0.87. The consensus estimate for Otis Worldwide’s current full-year earnings is $3.46 per share. Zacks Research also issued estimates for Otis Worldwide’s FY2023 earnings at $3.48 EPS, Q1 2024 earnings at $0.88 EPS, Q2 2024 earnings at $0.99 EPS, Q3 2024 earnings at $0.90 EPS, Q4 2024 earnings at $0.94 EPS, FY2024 earnings at $3.71 EPS, Q1 2025 earnings at $0.96 EPS, Q2 2025 earnings at $1.06 EPS and FY2025 earnings at $4.01 EPS.

Otis Worldwide (NYSE:OTIS – Get Free Report) last released its earnings results on Wednesday, July 26th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. Otis Worldwide had a net margin of 9.59% and a negative return on equity of 28.62%. The business had revenue of $3.72 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period last year, the business earned $0.86 earnings per share. The firm’s revenue was up 6.7% on a year-over-year basis.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company lifted their target price on Otis Worldwide from $88.00 to $90.00 in a report on Monday, July 10th. HSBC lifted their target price on Otis Worldwide from $81.00 to $88.00 in a report on Friday, June 23rd. Royal Bank of Canada lifted their target price on Otis Worldwide from $96.00 to $100.00 in a report on Friday, July 28th. Morgan Stanley lifted their target price on Otis Worldwide from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Finally, Barclays boosted their price target on Otis Worldwide from $79.00 to $80.00 in a research note on Monday, July 10th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $88.43.

Read Our Latest Stock Report on Otis Worldwide

Otis Worldwide Price Performance

Shares of Otis Worldwide stock opened at $87.41 on Friday. The business has a fifty day simple moving average of $87.94 and a two-hundred day simple moving average of $84.74. Otis Worldwide has a 1 year low of $62.49 and a 1 year high of $91.33. The company has a market capitalization of $35.99 billion, a price-to-earnings ratio of 27.57 and a beta of 0.95.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 8th. Investors of record on Friday, August 18th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.56%. The ex-dividend date is Thursday, August 17th. Otis Worldwide’s payout ratio is presently 42.90%.

Insider Activity at Otis Worldwide

In related news, insider Fernandez Bernardo Calleja sold 3,992 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.70, for a total value of $362,074.40. Following the sale, the insider now directly owns 42,097 shares in the company, valued at $3,818,197.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Otis Worldwide news, insider Fernandez Bernardo Calleja sold 3,992 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $90.70, for a total value of $362,074.40. Following the transaction, the insider now directly owns 42,097 shares of the company’s stock, valued at $3,818,197.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Michael Patrick Ryan sold 6,372 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $90.50, for a total value of $576,666.00. The disclosure for this sale can be found here. 0.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Otis Worldwide

A number of institutional investors have recently modified their holdings of the company. American Century Companies Inc. grew its holdings in Otis Worldwide by 8.6% during the first quarter. American Century Companies Inc. now owns 7,817 shares of the company’s stock worth $601,000 after buying an additional 620 shares in the last quarter. Cibc World Market Inc. grew its holdings in Otis Worldwide by 3.0% during the first quarter. Cibc World Market Inc. now owns 11,669 shares of the company’s stock worth $898,000 after buying an additional 338 shares in the last quarter. Moors & Cabot Inc. grew its holdings in Otis Worldwide by 7.7% during the first quarter. Moors & Cabot Inc. now owns 6,574 shares of the company’s stock worth $506,000 after buying an additional 469 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Otis Worldwide by 25.3% during the first quarter. Sequoia Financial Advisors LLC now owns 3,536 shares of the company’s stock worth $272,000 after buying an additional 715 shares in the last quarter. Finally, Brighton Jones LLC grew its holdings in Otis Worldwide by 5.0% during the first quarter. Brighton Jones LLC now owns 3,876 shares of the company’s stock worth $298,000 after buying an additional 183 shares in the last quarter. 96.16% of the stock is owned by institutional investors and hedge funds.

Otis Worldwide Company Profile

(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.