Q3 2024 EPS Estimates for Otis Worldwide Co. (NYSE:OTIS) Reduced by Zacks Research

Otis Worldwide Co. (NYSE:OTIS) – Investment analysts at Zacks Research reduced their Q3 2024 EPS estimates for Otis Worldwide in a research report issued to clients and investors on Wednesday, August 14th. Zacks Research analyst S. Mukherjee now forecasts that the company will earn $0.98 per share for the quarter, down from their previous forecast of $1.00. The consensus estimate for Otis Worldwide’s current full-year earnings is $3.87 per share. Zacks Research also issued estimates for Otis Worldwide’s Q4 2024 earnings at $0.97 EPS, FY2024 earnings at $3.88 EPS, Q3 2025 earnings at $1.06 EPS and FY2025 earnings at $4.28 EPS.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.03. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.74 billion. Otis Worldwide had a negative return on equity of 31.65% and a net margin of 10.35%. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 EPS.

Several other brokerages also recently weighed in on OTIS. Argus boosted their target price on shares of Otis Worldwide from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Wells Fargo & Company cut their price objective on shares of Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of Otis Worldwide from $104.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, April 25th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Otis Worldwide currently has an average rating of “Hold” and a consensus price target of $98.83.

Otis Worldwide Stock Down 1.2 %

Shares of NYSE:OTIS opened at $92.12 on Monday. The company has a market capitalization of $36.90 billion, a P/E ratio of 26.62 and a beta of 1.03. Otis Worldwide has a 52-week low of $73.32 and a 52-week high of $100.84. The stock’s fifty day simple moving average is $95.76 and its 200-day simple moving average is $95.71.

Hedge Funds Weigh In On Otis Worldwide

A number of hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. raised its position in shares of Otis Worldwide by 264.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 270 shares of the company’s stock worth $26,000 after buying an additional 196 shares during the period. Cetera Trust Company N.A purchased a new position in shares of Otis Worldwide in the 4th quarter worth about $27,000. Jamison Private Wealth Management Inc. lifted its stake in shares of Otis Worldwide by 5,720.0% in the 2nd quarter. Jamison Private Wealth Management Inc. now owns 291 shares of the company’s stock valued at $28,000 after purchasing an additional 286 shares in the last quarter. Cranbrook Wealth Management LLC grew its holdings in shares of Otis Worldwide by 675.7% during the 2nd quarter. Cranbrook Wealth Management LLC now owns 287 shares of the company’s stock worth $28,000 after purchasing an additional 250 shares during the period. Finally, Hantz Financial Services Inc. acquired a new stake in Otis Worldwide during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 88.03% of the company’s stock.

Otis Worldwide Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be given a $0.39 dividend. The ex-dividend date is Friday, August 16th. This represents a $1.56 annualized dividend and a dividend yield of 1.69%. Otis Worldwide’s dividend payout ratio is presently 45.09%.

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.